Consolidated Balance Sheets - USD ($)	Jun. 30, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash	$ 353,157	$ 324,703
Inventory (Note 2)
Land under development	490,813,363	490,813,363
Total inventory held for sale	490,813,363	490,813,363
Prepaid expenses and other current assets		1,767
Total Current Assets	491,166,520	491,139,833
PROPERTY AND EQUIPMENT:
Real estate held for investment (Note 2) Total investment in real estate	227,800,637	227,800,637
Office and computer equipment	160,002	160,002
Less accumulated depreciation and amortization	(151,316)	(148,894)
Total Property and Equipment	227,809,323	227,811,745
OTHER ASSETS	7,571	33,762
TOTAL ASSETS	718,983,414	718,985,340
CURRENT LIABILITIES:
Convertible notes payable and accrued interest	375,225	397,929
Note payable and accrued interest - YA Global Master SPV, Ltd. (less unamortized discount of $82,500 and $20,833, respectively)	749,267	204,167
Accounts payable	480,562	340,290
Accrued officers payroll	316,008	389,834
Accrued expenses and other current liabilities	160,075	155,330
Total Current Liabilities	2,081,137	1,487,550
Long Term Liabilities
TOTAL LIABILITIES	2,081,137	1,487,550
STOCKHOLDERS' EQUITY
Preferred stock: $0.001 par value Authorized: 850,000 shares Issued and outstanding: - none
Common stock: $0.001 par value Authorized: 50,000,000 shares Issued and outstanding: 19,801,530 shares in 2016 and 18,728,313 in 2015	19,801	18,728
Capital in excess of par value	469,564,185	468,651,654
Deficit	(39,825,524)	(38,342,692)
Total Omagine, Inc. stockholders' equity	429,758,462	430,327,690
Noncontrolling interests in Omagine LLC	287,143,815	287,170,100
Total Stockholders' Equity	716,902,277	717,497,790
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 718,983,414	$ 718,985,340