Omagine Inc (CE) (OMAGQ) News

OMAG changed to OMAGQ, bankruptcy:

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

This project is coming back to life. High volume last couple of days

Shorts can have it!!

They been removed from the OmanProjects:
http://www.omanprojects.com/CategoryResult.asp?CategoryId=39

They have failed to file annual and quarterly hence received a stop sign for fail to communicate:
https://www.otcmarkets.com/stock/OMAG/quote

And their investor relations has stated there’s nothing here:
https://agoracom.com/ir/omagine/forums/discussion/topics/711040/messages/2199847

Stop selling your shares when shorts are trying to cover

The strong hands continue!!! It will all pay off guys n gals the patience will be rewarded! $OMAG

Updated SS...

Share Structure

Market Cap
600,388
05/31/2018

Authorized Shares
50,000,000
05/31/2018

Outstanding Shares
27,166,857
05/31/2018

Restricted
7,683,851
05/31/2018

Unrestricted
19,483,006
05/31/2018

Held at DTC
16,805,743
05/31/2018

Float
14,025,892
04/04/2017

Par Value
0.00

OMAG JOKE PUMP SCAM !!!!!!

Tue, Apr 17, 2018 12:00 - Omagine, Inc. (OMAG: Pink Current) - Tier Change - The symbol, OMAG, no longer is classified as OTCQB. As of Tue, Apr 17, 2018, OMAG resides in the Pink Current tier. You may find a complete list of tier changes at otcmarkets.com.

And here comes BMIC again! Ouch!

All sells and no buys and AH 100K T-trade to boot at .0187. FUGLY!

So did the VP explain and clarify that from today's NT-10K? lmfao. Ouch!

That's basically spells out BK IMHO

Iceberg dead ahead!

Yep, no worries. I think this ship has sailed and looks very much like the Titanic.

More like get a new boat that doesn't have a hole in it so it won't keep sinking or dump the truck for a new one that doesn't smell like garbage lol.

They can't as part of the deal. It refers back to the actual owner of the land who is holding shares as collateral.

I guess it's time to load the boat and back-up the truck?
Or not.
OMAG IS A BIG BOY STOCK.

So much land owned and why not sell some of them to finance operation or project.

I suppose that explains why the PnD has failed so miserably.

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.

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.

I take pride in bringing laughter to strangers, you’re welcome

Lmfao that's hilarious and mathematically impossible!

It’s already converted and still float is now just 16m. There valued land asset is worth 10s of millions and RC $20m investment is still not out of the picture so thanks for your concern but there are still strong reasons to bet on OMAG. Enjoy your day

Yep $1.8M in default with EMA that can convert now and they have to raise the AS to accommodate it.

I believe it’s all in the filings already and he pointed to that. Like a said he provided me with more clarity not more information that isn’t already available.

Well that would be illegal inside info for him to tell you anything that is not already in the filings.

It's funny he clears it up with you and not the rest of the market.

Thanks for the clarification. I actually had a long conversation with the VP Mr Kuczynski earlier today. He clarified a lot things so I’m even more of a believer and will continue to hold strong. OMAG

You obviously need to learn how to read and comprehend filings which I laid out here.

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=139578129

The last 8k specifically states to refer to the EMA agreement which states that EMA can convert the shares 180 days after which was today.

Doesn't matter if OMAG agrees with the $1.8M default or not as they have no choice as they already agreed to the terms and admitted in the 8K they violated the terms by not increasing the AS legally as they were required to do so.

They just can't say oops we didn't know they had to notify shareholders beforehand. It is what it is.

Facts are facts and can't be disputed.

There’s no promo needed. OMAG has awesome SS, insiders hold over 60%, low float (14m) with valuable fixed assets and not being weighed down by debt! Omagine Project in the works, future looks bright!

Doesn’t matter. The promo has moved on.
OMAG is dead money.
On to the next scam I suppose.

What matters is OMAG is has not defaulted on any $1.8m debt per 8k filing. The debt amount is being disputed and that’s all that’s mentioned of it in the filing

https://fintel.io/doc/www.sec.gov/Archives/edgar/data/820600/000121390018001301/f8k013018_omagineinc.htm

There is no $1.8m debt being owed OMAG. Per 8k filing the amount is still being disputed so it’s impossible for the debt to have defaulted on March 28

https://fintel.io/doc/www.sec.gov/Archives/edgar/data/820600/000121390018001301/f8k013018_omagineinc.htm

Doesn’t matter, this one has been abandoned.
On to the next scam I suppose.

Have gone through latest 8k filing and no mention of March 28 default. In fact 8k states that OMAG disagrees with the $1.8m amount.

https://fintel.io/doc/www.sec.gov/Archives/edgar/data/820600/000121390018001301/f8k013018_omagineinc.htm

Not looking good here.

OMAG is toast. 331k sells vs only 10k buys with 134k in T-trades AH.

This will be a blood bath with $1.8M in default notes maturing tomorrow.

Tomorrow EMA can officially start converting the $1.8M default per the 8k's. Going to be a blood bath even more then it is now and the company just goes silent. SMH.

That’s bad for shareholders.

$1.8M in default notes hit on March 28th per the last 8K and agreement with EMA.

On January 30, 2018, Omagine, Inc. (the “Company”) received written notice (“Notice”) from EMA Financial, LLC (“EMA” or the “Lender”) that an event of default had occurred with respect to the Convertible Promissory Note issued by the Company in favor of EMA on September 28, 2017 (the “Note”). The Lender advised the Company that the default occurred because of, among other things, the failure to reserve a sufficient number of shares of the Company’s $0.001 par value common stock (“Common Stock”) for possible future issuance to the Lender, and for the breach of representations and warranties under the Note. As of the Notice date, considering default penalties, twenty four percent accrued interest and application of a default calculation, the alleged outstanding balance of the Note as calculated by EMA is $1,868,313. The Company does not agree with such outstanding balance as calculated by EMA. EMA has demanded full payment from the Company and reserves all rights and remedies available to it under the Note and related transaction documents.

The Note and Securities Purchase Agreement were filed as Exhibits to the Company’s Current Report on Form 8-K filed with the Securities & Exchange Commission on October 18, 2017 and incorporated herein by reference. The foregoing summary of the Notice does not purport to be complete and is qualified in its entirety by reference to the full text of the Notice attached hereto as Exhibit 10.1.

As previously disclosed, pursuant to the Note the Company is obligated to increase the number of its authorized common shares (“Common Shares”) in order to reserve an agreed number of such Common Shares for possible future issuance to the Lender. The Company was of the opinion that this increase could have been accomplished via the written consent of a majority of its shareholders without the necessity of a proxy filing and meeting of its shareholders. This turned out to be inaccurate and the Company now understands that such a proxy filing and meeting is required and the Company presently intends to file such proxy and schedule and conduct such meeting.

Omagine, Inc. (the ”Company”) and EMA Financial, LLC (“EMA”), an accredited investor, entered into a convertible promissory note dated September 28, 2017 (the “EMA Convertible Note” or the “Note”) for the principal amount of $55,000. Funding pursuant to the Note will be received following the filing of this Form 8-K.

1.1. Conversion Right . The Holder shall have the right, in its sole and absolute discretion, as of one hundred eighty (180) days after the Issue Date, to convert all or any part of the outstanding amount due under this Note into fully paid and non-assessable shares of Common Stock, as such Common Stock exists on the Issue Date, or any shares of capital stock or other securities of the Borrower into which such Common Stock shall hereafter be changed or reclassified at the conversion price (the “Conversion Price”) determined as provided herein (a “Conversion”); provided , however , that in no event shall the Holder be entitled to convert any portion of this Note in excess of that portion of this Note upon conversion of which the sum of (1) the number of shares of Common Stock beneficially owned by the Holder and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted portion of the Notes or the unexercised or unconverted portion of any other security of the Borrower subject to a limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number of shares of Common Stock issuable upon the conversion of the portion of this Note with respect to which the determination of this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of more than 4.9% of the outstanding shares of Common Stock. For purposes of the proviso to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Regulation 13D-G thereunder, except as otherwise provided in clause (1) of such proviso, provided , further , however , that the limitations on conversion may be waived by the Holder upon, at the election of the Holder, not less than 61 days’ prior notice to the Borrower, and the provisions of the conversion limitation shall continue to apply until such 61st day (or such later date, as determined by the Holder, as may be specified in such notice of waiver). The number of shares of Common Stock to be issued upon each Conversion of this Note (“Conversion Shares”) shall be determined by dividing the Conversion Amount (as defined below) by the applicable Conversion Price then in effect on the date specified in the notice of conversion, in the form attached hereto as Exhibit A (the “Notice of Conversion”), delivered to the Borrower by the Holder in accordance with Section 1.4 below; provided that the Notice of Conversion is submitted by facsimile or e-mail (or by other means resulting in, or reasonably expected to result in, notice) to the Borrower before 11:59 p.m., New York, New York time on such conversion date (the “Conversion Date”). The term “Conversion Amount” means, with respect to any Conversion of this Note, the sum of (1) the principal amount of this Note to be converted in such Conversion, plus (2) accrued and unpaid interest, if any, on such principal amount being converted at the interest rates provided in this Note to the Conversion Date, plus (3) at the Holder’s option, Default Interest, if any, on the amounts referred to in the immediately preceding clauses (1) and/or (2), plus (4) any Additional Principal for such Conversion, plus (5) at the Holder’s option, any amounts owed to the Holder pursuant to Sections 1.2(c) and 1.4(g) hereof.

Who is “they”?

Yes indeed! They just gave away their shares today

Volume before Price!!

Why will it take off?
Because of its fundamentals?
Or because of the scam pump and dump?

This company will soon or late take off, and I wouldn't mind putting some money here. It could become a multidollard stock in a few years.

Agreed.

Please, that would be great for everyone here

OMAG promo has failed.
On to the next scam I suppose.

Volume suddenly picks up and it is good sigh. Next week should be fun and hope to hear good news soon.

Looks that this company has so much asset and the stock is way undervalued. This could go over 50 cents when enough people are buying and trading.

Great indication of a strong buy