Grapefruit USA, Inc - Quarter Report: 2011 June (Form 10-Q)

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Commission File Number:	000-50099
IMAGING3, INC.
(Exact name of registrant as specified in its charter)
CALIFORNIA	95-4451059
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
3200 West Valhalla Drive, Burbank, California 91505
(Address of principal executive offices) (Zip Code)
(818) 260-0930
Registrant's telephone number, including area code
(Former name, former address and former fiscal year, if changed since last report)

Yes

x

No

o

Yes

x

No

o

Large accelerated filer	o		Accelerated filer	o
Non-accelerated filer (Do not check if a smaller reporting company)	o		Smaller reporting company	x

Yes

o

No

x

 

 

 

 

 

 

 

 

 

 

 

		06/30/11				12/31/10
Furniture and office equipment		$	78,695			$	78,695
Tools and shop equipment			54,183				54,183
Vehicles			105,871				105,871
			238,749				238,749
Less Accumulated depreciation			(222,019	)			(219,720	)
Total, net		$	16,730			$	19,029

 

 

		06/30/11				12/31/10
Accrued payroll taxes		$	131,719			$	143,718
Other accrued expenses			52,801				9,418
Accrued legal fees			396,536				396,536
Accrued ongoing litigation			1,637,106				1,641,771
Total		$	2,218,162			$	2,191,643

 

 

 

 

 

·	statements concerning the potential benefits that Imaging3, Inc. (“Imaging3” or the “Company”) may experience from its business activities and certain transactions it contemplates or has completed; and

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statements of Imaging3’s expectations, beliefs, future plans and strategies, anticipated developments and other matters that are not historical facts.  These statements may be made expressly in this Form 10-Q.  You can find many of these statements by looking for words such as “believes,” “expects,” “anticipates,” “estimates,” “opines,” or similar expressions used in this Form 10-Q.  These forward-looking statements are subject to numerous assumptions, risks and uncertainties that may cause Imaging3’s actual results to be materially different from any future results expressed or implied by Imaging3 in those statements.  The most important facts that could prevent Imaging3 from achieving its stated goals include, but are not limited to, the following:

(a)

volatility or decline of Imaging3’s stock price;

(b)

potential fluctuation in quarterly results;

(c)

failure of Imaging3 to earn revenues or profits;

(d)

inadequate capital to continue or expand its business, inability to raise additional capital or financing to implement its business plans;

(e)

failure to commercialize Imaging3’s technology or to make sales;

(f)

changes in demand for Imaging3’s products and services;

(g)

rapid and significant changes in markets;

(h)

litigation with or legal claims and allegations by outside parties;

(i)

substantial dilution potentially incurred by existing shareholders from the issuance of additional shares, including shares issued pursuant to the exercise of a substantial number of outstanding warrants;

(k)

failure of Imaging3 to obtain approval of its proprietary medical imaging technology and device from the Federal Food and Drug Administration.

 

 

 

 

 

 

 

 

 

 

 

Reliance on Management and Key Executives