Al,
As an added note with respect to my earller post to Alton regarding outstanding shares, I don't know how many warrants have been issue but "when" they are exercised that would add to the number of o/s shares.
With respect to your comment about a larger float, Omagine's authorized common shares are now 50 million. That should be enough to accomodate institutional investors. See page 18 of the S-1 (mid page).