Omagine Inc (OTCMKTS:OMAG) Takes A Hit

[[tagnumber 0]][[tagnumber 1]]The last time we wrote about Omagine Inc (OTCMKTS:OMAG) was back in the beginning of October last year when the company stock became quite volatile for a short period of time. The reason behind the increased investor attention was a $2.5 billion development project on the coast of the Sultanate of Oman.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The shortlived hype was followed by a return to illiquidity, as well as a steady descent down the charts. Then, suddenly, [[tagnumber 6]]OMAG[[tagnumber 7]] began climbing the charts in the final sessions of last month, despite the depressing numbers that were contained in the company’s financial statement for the first quarter of the year.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 11]] [[tagnumber 12]]cash: $529 thousand[[tagnumber 13]] [[tagnumber 12]]current assets: $563 thousand[[tagnumber 13]] [[tagnumber 12]]current liabilities: $1.5 million[[tagnumber 13]] [[tagnumber 12]]quarterly revenues: ZERO[[tagnumber 13]] [[tagnumber 12]]quarterly net loss: $723 thousand[[tagnumber 13]] [[tagnumber 22]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Those are certainly not the numbers you would expect to see in the report of a company that is valued at over $40 million. Still, that seems to not be a reason for which the stock would hold its ascent and we saw [[tagnumber 6]]OMAG[[tagnumber 7]] climb all the way to the $3 per share mark on July 9.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Despite the update that came from the company that same day, however, we saw the ticker drop 18.67% in the final session of last week and close at $2.44. Even though investor interest was higher than the average the 34 thousand shares that were traded at that price generated only $94 thousand in daily dollar volume.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]][[tagnumber 6]]OMAG[[tagnumber 7]] seems stable in the beginning of this week as the ticker has barely moved since today’s market open. Doing your due diligence and weighing out all the risks before putting any money on the line is absolutely crucial.[[tagnumber 2]]

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