----

----

| Florida                  |  22-2671269          |
|--------------------------|---------------------------|
| (State of incorporation) | (IRS employer Ident. No.) |

| 5307 NW 35th Terrace, Fort Lauderdale, FL. | 33309      |
|--------------------------------------------|------------|
| (address of principal office)              | (Zip Code) |

| ¨  Large accelerated filer | ¨  Accelerated filer    |
|-------------------------------------------|----------------------------------------|
| ¨  Non Accelerated filer   | x  Smaller reporting company |

----

----

----

Item 6.                      
Selected 

|                                              |   | Year Ended    |         |   | Year Ended    |   |         | Year Ended    |   |   | Year Ended    |   |   | Year Ended    |         |
|---------------------------------------------------|--------|---------------|--------------|--------|---------------|--------|--------------|---------------|--------|--------|---------------|--------|--------|---------------|--------------|
|                                              |   | June 30, 2011 |         |   | June 30, 2010 |   |         | June 30, 2009 |   |   | June 30, 2008 |   |   | June 30, 2007 |         |
|                                              |   |          |         |   |          |   |         |          |   |   |          |   |   |          |         |
| Sales                                             |   | $             | 55,118       |   |          | $      | 181,172      |          |   | $      | 70,617        |   |   | $             | 39,647       |   |   | $ | 65,136 |   |
| Gain (Loss) on sale of fixed assets               |   |          | -            |   |          |   | -            |          |   |   | 1,181,894     |   |   |          | 1,609,525    |   |   |   | - |   |
| Cost of Sales                                     |   |          | 15,265       |   |          |   | 22,512       |          |   |   | 20,546        |   |   |          | 20,944       |   |   |   | 17,870 |   |
|                                              |   |          |         |   |          |   |         |          |   |   |          |   |   |          |         |   |   |   |   |   |
| Gross Profit                                      |   |          | 39,853       |   |          |   | 158,660      |          |   |   | 1,231,965     |   |   |          | 1,628,228    |   |   |   | 47,266 |   |
|                                              |   |          |         |   |          |   |         |          |   |   |          |   |   |          |         |   |   |   |   |   |
| Operating Expenses                                |   |          | 4,638,901    |   |          |   | 4,872,107    |          |   |   | 4,505,908     |   |   |          | 6,232,663    |   |   |   | 7,123,347 |   |
|                                              |   |          |         |   |          |   |         |          |   |   |          |   |   |          |         |   |   |   |   |   |
| Operating Loss                                    |   |          | (4,599,049   | )      |          |   | (4,713,447   | )             |   |   | (3,273,943    | )      |   |          | (4,604,435   | ) |   |   | (7,076,081 | ) |
|                                              |   |          |         |   |          |   |         |          |   |   |          |   |   |          |         |   |   |   |   |   |
|                                              |   |          |         |   |          |   |         |          |   |   |          |   |   |          |         |   |   |   |   |   |
| Interest income                                   |   |          | 1,438        |   |          |   | 995          |          |   |   | 636           |   |   |          | 13,377       |   |   |   | 11,455 |   |
| Other income                                      |   |          | 110,858      |   |          |   | 118,796      |          |   |   | 5,909         |   |   |          | 7,827        |   |   |   | 250,001 |   |
| Derivative (expense) income                       |   |          | -            |   |          |   | (64,524      | )             |   |   | -             |   |   |          | -            |   |   |   | - |   |
| Change in fair value of derivative liability      |   |          | 273,037      |   |          |   | (137,631     | )             |   |   | -             |   |   |          | -            |   |   |   | - |   |
| Interest expense                                  |   |          | (1,663,809   | )      |          |   | (175,904     | )             |   |   | (677,031      | )      |   |          | (40,447      | ) |   |   | (387,697 | ) |
|                                              |   |          |         |   |          |   |         |          |   |   |          |   |   |          |         |   |   |   |   |   |
| Net Loss                                          |   |          | (5,877,525   | )      |          |   | (4,971,715   | )             |   |   | (3,944,429    | )      |   |          | (4,623,678   | ) |   |   | (7,202,322 | ) |
|                                              |   |          |         |   |          |   |         |          |   |   |          |   |   |          |         |   |   |   |   |   |
| Dividends on cumulative Pfd. stock:               |   |          |         |   |          |   |         |          |   |   |          |   |   |          |         |   |   |   |   |   |
| From discount at issuance                         |   |          | -            |   |          |   | -            |          |   |   | -             |   |   |          | -            |   |   |   | - |   |
| Earned                                            |   |          | -            |   |          |   | -            |          |   |   | -             |   |   |          | -            |   |   |   | - |   |
|                                              |   |          |         |   |          |   |         |          |   |   |          |   |   |          |         |   |   |   |   |   |
| Net loss applicable to                            |   |          |         |   |          |   |         |          |   |   |          |   |   |          |         |   |   |   |   |   |
|      common shareholders |   | $             | (5,877,525   | )      |          | $      | (4,971,715   | )             |   | $      | (3,944,429    | )      |   | $             | (4,623,678   | ) |   | $ | (7,202,322 | ) |
|                                              |   |          |         |   |          |   |         |          |   |   |          |   |   |          |         |   |   |   |   |   |
|                                              |   |          |         |   |          |   |         |          |   |   |          |   |   |          |         |   |   |   |   |   |
| Net Loss per common share                         |   | $             | (0.01        | )      |          | $      | (0.01        | )             |   | $      | (0.01         | )      |   | $             | (0.01        | ) |   | $ | (0.03 | ) |
| Weighted avg. no. of common shares,               |   |          |         |   |          |   |         |          |   |   |          |   |   |          |         |   |   |   |   |   |
|     Basic & Diluted       |   |          | 885,074,029  |   |          |   | 758,622,934  |          |   |   | 424,330,162   |   |   |          | 318,673,749  |   |   |   | 271,667,256 |   |
|                                              |   |          |         |   |          |   |         |          |   |   |          |   |   |          |         |   |   |   |   |   |
|                                              |   |          |         |   |          |   |         |          |   |   |          |   |   |          |         |   |   |   |   |   |
| Cash and Cash Equivalents                         |   | $             | 189,135      |   |          | $      | 73,844       |          |   | $      | 12,535        |   |   | $             | 49,433       |   |   | $ | 477,812 |   |
| Total Assets                                      |   |          | 870,653      |   |          |   | 980,360      |          |   |   | 1,134,580     |   |   |          | 1,583,356    |   |   |   | 4,365,427 |   |
| Deficit accumulated during                        |   |          |         |   |          |   |         |          |   |   |          |   |   |          |         |   |   |   |   |   |
|     the development stage     |   |          | (117,758,407 | )      |          |   | (111,880,882 | )             |   |   | (106,909,167  | )      |   |          | (102,964,738 | ) |   |   | (98,341,059 | ) |
| Stockholders' Equity                              |   |          | (4,729,168   | )      |          |   | (2,715,156   | )             |   |   | (1,129,222    | )      |   |          | (468,761     | ) |   |   | 3,441,322 |   |

----

| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|---------|---------------------------------------------------------------------------------------------|

----

----

----

----

----

----

----

----

----

----

----

----

| §   | $300,000 paid to Borrower within 2 business days of execution and closing of the agreement. |
|--------------------|---------------------------------------------------------------------------------------------|

| §   | $100,000 paid to Borrower within 5 business days of filing of Definitive Proxy to increase authorized shares to 2,000,000,000 or more. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------|

| §   | $100,000 paid to Borrower within 5 business days of effective increase in authorized shares to 2,000,000,000 or more. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------|

| §   | $100,000 paid to Borrower within 5 business days of filing of registration statement, and that registration statement must be filed no later than 10 days from the effective increase of authorized shares. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | $400,000 paid to Borrower within 5 business days of notice of effective registration statement, and that registration statement must be effective no later than 120 days from the execution of the agreement. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | $300,000 paid to Borrower within 90 business days of notice of effective registration statement, and that registration statement must be effective no later than 120 days from the execution of the agreement. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | $300,000 paid to Borrower within 150 business days of notice of effective registration statement, and that registration statement must be effective no later than 120 days from the execution of the agreement. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | At the time of each payment interval, the Conversion Price calculation on Borrower’s common stock must yield a Conversion Price equal to or greater than $0.015 per share (based on the Conversion Price calculation, regardless of whether a conversion is actually completed or not). |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | At the time of each payment interval, the total dollar trading volume of Borrower’s common stock for the previous 23 trading days must be equal to or greater than $1,000,000.  The total dollar volume will be calculated by removing the three highest dollar volume days and summing the dollar volume for the remaining 20 trading days. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | At the time of each payment interval, there shall not exist an event of default as described within any of the agreements between Borrower and Holder. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

Item 7A.  
Quantitative 

----

Item 8.  
Financial 

| Index to Financial Statements                           |                                      |
|---------------------------------------------------------|-------------------------------------------|
|                                                    |                                      |   |
|                                                    |                                      | Page |
|                                                    |                                      |   |
| Report of Independent Registered Public Accounting Firm | 21                                        |
|                                                    |                                      |   |
| Financial Statements                                    |                                      |   |
|                                                    |                                      |   |
|                                                    | Balance Sheets                            | 22 |
|                                                    |                                      |   |
|                                                    | Statements of Operations                  | 23 |
|                                                    |                                      |   |
|                                                    | Statements of Stockholders’ Deficit | 24 |
|                                                    |                                      |   |
|                                                    | Statements of Cash Flows                  | 37 |
|                                                    |                                      |   |
|                                                    | Notes to Financial Statements             | 39 |

----

10-K/A Financial Table of Contents

REPORT 

----

10-K/A Financial Table of Contents

| IMAGING DIAGNOSTIC SYSTEMS, INC.                                                  |                                                               |
|-----------------------------------------------------------------------------------|--------------------------------------------------------------------|
| (A Development Stage Company)                                                     |                                                               |
| Balance Sheets                                                                    |                                                               |
|                                                                              |                                                               |   |   |   |   |   |   |
| Assets                                                                            |                                                               |
|                                                                              |                                                               |   |   |   |   |   |   |
|                                                                              |                                                               |   | June 30, 2011 |   |   | June 30, 2010 |   |
| Current assets:                                                                   |                                                               |   |   |   |   |   |
|                                                                              | Cash                                                               |   | $ | 189,135 |   |   | $ | 73,844 |   |
|                                                                              | Accounts receivable, net of allowances for doubtful accounts       |   |   |   |   |   |   |   |   |
|                                                                              |     of $23,500 and $57,982, respectively       |   |   | 11,198 |   |   |   | 12,850 |   |
|                                                                              | Loans receivable, net of reserve of $0                             |   |   |   |   |   |   |   |   |
|                                                                              |     and $57,000, respectively                  |   |   | - |   |   |   | 3,796 |   |
|                                                                              | Inventories, net of reserve of $399,000 and $399,000, respectively |   |   | 322,562 |   |   |   | 436,110 |   |
|                                                                              | Prepaid expenses                                                   |   |   | 49,339 |   |   |   | 61,115 |   |
|                                                                              |                                                               |   |   |   |   |   |   |   |   |
|                                                                              | Total current assets                                               |   |   | 572,234 |   |   |   | 587,715 |   |
|                                                                              |                                                               |   |   |   |   |   |   |   |   |
| Property and equipment, net                                                       |                                                               |   | 161,713 |   |   |   | 221,763 |   |
| Intangible assets, net                                                            |                                                               |   | 136,706 |   |   |   | 170,882 |   |
|                                                                              |                                                               |   |   |   |   |   |   |   |   |
|                                                                              | Total assets                                                       |   | $ | 870,653 |   |   | $ | 980,360 |   |
|                                                                              |                                                               |   |   |   |   |   |   |   |   |
|                                                                              |                                                               |   |   |   |   |   |   |   |   |
| Liabilities and Stockholders' (Deficit)                                           |                                                               |
| Current liabilities:                                                              |                                                               |   |   |   |   |   |   |   |
|                                                                              | Accounts payable and accrued expenses                              |   | $ | 1,344,168 |   |   | $ | 1,538,748 |   |
|                                                                              | Accrued payroll taxes and penalties                                |   |   | 1,141,967 |   |   |   | - |   |
|                                                                              | Customer deposits                                                  |   |   | 112,563 |   |   |   | 98,114 |   |
|                                                                              | Short-term derivative liability                                    |   |   | 691,663 |   |   |   | - |   |
|                                                                              | Short-term debt, net of debt discount of $78,925 and $0            |   |   | 1,706,018 |   |   |   | 1,506,500 |   |
|                                                                              |                                                               |   |   |   |   |   |   |   |   |
|                                                                              | Total current liabilities                                          |   |   | 4,996,379 |   |   |   | 3,143,362 |   |
|                                                                              |                                                               |   |   |   |   |   |   |   |   |
| Long-Term liabilities:                                                            |                                                               |   |   |   |   |   |   |   |
|                                                                              | Long-term debt, net of debt discount of $184,967 and $0            |   |   | 301,033 |   |   |   | - |   |
|                                                                              |                                                               |   |   |   |   |   |   |   |   |
|                                                                              | Total long-term liabilities                                        |   |   | 301,033 |   |   |   | - |   |
|                                                                              |                                                               |   |   |   |   |   |   |   |   |
| Convertible preferred stock (Series L), 9% cumulative annual dividend,            |                                                               |   |   |   |   |   |   |   |
|      no par value, 20 and 35 shares issued, respectively |                                                               |   | 200,000 |   |   |   | 350,000 |   |
|                                                                              | Long-term derivative liability                                     |   |   | 102,409 |   |   |   | 202,155 |   |
|                                                                              |                                                               |   |   |   |   |   |   |   |   |
| Stockholders' (Deficit):                                                          |                                                               |   |   |   |   |   |   |   |
|                                                                              | Common stock, no par value; authorized 950,000,000 shares,         |   |   |   |   |   |   |   |   |
|                                                                              |  issued 942,196,924 and 837,087,622 shares, respectively      |   |   | 107,476,957 |   |   |   | 105,927,719 |   |
|                                                                              | Common stock - Debt Collateral                                     |   |   | (73,970 | ) |   |   | (1,150,000 | ) |
|                                                                              | Additional paid-in capital                                         |   |   | 5,626,252 |   |   |   | 4,388,006 |   |
|                                                                              | Deficit accumulated during development stage                       |   |   | (117,758,407 | ) |   |   | (111,880,882 | ) |
|                                                                              |                                                               |   |   |   |   |   |   |   |   |
|                                                                              | Total stockholders' (Deficit)                                      |   |   | (4,729,168 | ) |   |   | (2,715,157 | ) |
|                                                                              |                                                               |   |   |   |   |   |   |   |   |
|                                                                              | Total liabilities and stockholders' (Deficit)                      |   | $ | 870,653 |   |   | $ | 980,360 |   |
|                                                                              |                                                               |   |   |   |   |   |   |   |   |
|                                                                              |                                                               |   |   |   |   |   |   |   |   |
|                                                                              |                                                               |   |   |   |   |   |   |   |   |
|                                                                              |                                                               |   |   |   |   |   |   |   |   |
| See accompanying notes to the financial statements.                               |                                                               |

----

10-K/A Financial Table of Contents

| IMAGING DIAGNOSTIC SYSTEMS, INC.                                                                                |   |
|-----------------------------------------------------------------------------------------------------------------|--------|
| (a Development Stage Company)                                                                                   |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |
| Statements of Operations                                                                                        |   |
|                                                                                                            |   |   |   |   |   |   |   | From Inception |   |
|                                                                                                            |   |   |   |   |   |   |   | (December 10, |   |
|                                                                                                            |   | Year Ended |   |   | Year Ended |   |   | 1993) to |   |
|                                                                                                            |   | June 30, 2011 |   |   | June 30, 2010 |   |   | June 30, 2011 |   |
|                                                                                                            |   |   |   |   |   |   |   |   | Unaudited* |   |
| Net Sales                                                                                                       |   | $ | 55,118 |   |   | $ | 181,172 |   |   | $ | 2,379,782 |   |
| Gain on sale of fixed assets                                                                                    |   |   | - |   |   |   | - |   |   |   | 2,794,565 |   |
| Cost of Sales                                                                                                   |   |   | 15,265 |   |   |   | 22,512 |   |   |   | 943,882 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross Profit                                                                                                    |   |   | 39,853 |   |   |   | 158,660 |   |   |   | 4,230,465 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating Expenses:                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|      General and administrative                                                             |   |   | 3,096,209 |   |   |   | 3,584,608 |   |   |   | 61,670,231 |   |
|      Research and development                                                               |   |   | 893,879 |   |   |   | 734,943 |   |   |   | 23,322,837 |   |
|      Sales and marketing                                                                    |   |   | 452,967 |   |   |   | 340,433 |   |   |   | 9,566,221 |   |
|      Inventory valuation adjustments                                                        |   |   | 95,096 |   |   |   | 67,678 |   |   |   | 4,915,445 |   |
|      Depreciation and amortization                                                          |   |   | 100,751 |   |   |   | 144,445 |   |   |   | 3,402,425 |   |
|      Amortization of deferred compensation                                                  |   |   | - |   |   |   | - |   |   |   | 4,064,250 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Operating Expenses                                                                                        |   |   | 4,638,902 |   |   |   | 4,872,107 |   |   |   | 106,941,409 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating Loss                                                                                                  |   |   | (4,599,049 | ) |   |   | (4,713,447 | ) |   |   | (102,710,944 | ) |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest income                                                                                                 |   |   | 1,438 |   |   |   | 995 |   |   |   | 310,834 |   |
| Other income                                                                                                    |   |   | 110,858 |   |   |   | 118,796 |   |   |   | 994,046 |   |
| Other income - LILA Inventory                                                                                   |   |   | - |   |   |   | - |   |   |   | (69,193 | ) |
| Derivative (expense) income                                                                                     |   |   | - |   |   |   | (64,524 | ) |   |   | (64,524 | )  |
| Change in fair value of derivative liability                                                                    |   |   | 273,037 |   |   |   | (137,631 | ) |   |   | 135,406 |   |
| Interest expense                                                                                                |   |   | (1,663,809 | ) |   |   | (175,904 | ) |   |   | (9,506,272 | ) |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Loss                                                                                                        |   |   | (5,877,525 | ) |   |   | (4,971,715 | ) |   |   | (110,910,647 | ) |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends on cumulative preferred stock:                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|      From discount at issuance                                                              |   |   | - |   |   |   | - |   |   |   | (5,402,713 | ) |
|      Earned                                                                                 |   |   | - |   |   |   | - |   |   |   | (1,445,047 | ) |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss applicable to                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
|      common shareholders                                                               |   | $ | (5,877,525 | ) |   | $ | (4,971,715 | ) |   | $ | (117,758,407 | ) |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Loss per common share:                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|      Basic and diluted                                                                      |   | $ | (0.01 | ) |   | $ | (0.01 | ) |   | $ | (0.54 | ) |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average number of                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|    common shares outstanding:                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
|      Basic and diluted                                                                      |   |   | 885,074,029 |   |   |   | 758,622,934 |   |   |   | 218,151,949 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| * The numbers presented from inception December 10, 1993 to June 30, 2005 are unaudited by our current auditor. |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes to the financial statements.                                                             |   |

----

10-K/A Financial Table of Contents

| IMAGING DIAGNOSTIC SYSTEMS, INC.                                                                               |   |
|----------------------------------------------------------------------------------------------------------------|--------|
| (a Development Stage Company)                                                                                  |   |
|                                                                                                           |   |
| Statements of Stockholders' (Deficit)                                                                     |   |
|                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| From December 10, 1993 (date of inception) to June 30, 2011 (Unaudited) *                                      |   |
|                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | Deficit |   |   |   |   |   |   |   |
|                                                                                                           |   |   |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |
|                                                                                                           |   | Preferred Stock (**) |   | Common Stock |   | Additional |   | During the |   |   |   |   |   |   |   |
|                                                                                                           |   | Number of |   | Number of |   | Paid-in |   | Development |   | Subscriptions |   | Deferred |   |   |   |
|                                                                                                           |   | Shares |   | Amount |   | Shares |   | Amount |   | Capital |   | Stage |   | Receivable |   | Compensation |   | Total |   |
|                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at December 10, 1993 (date of inception)                                                               |   |   | - |   | $ | - |   |   | - |   | $ | - |   | $ | - |   | $ | - |   | $ | - |   | $ | - |   | $ | - |   |
|                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance of common stock, restated for reverse                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| stock split                                                                                                    |   |   | - |   |   | - |   |   | 510,000 |   |   | 50,000 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 50,000 |   |
|                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Acquisition of public shell                                                                                    |   |   | - |   |   | - |   |   | 178,752 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |
|                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net issuance of additional shares of stock                                                                     |   |   | - |   |   | - |   |   | 15,342,520 |   |   | 16,451 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 16,451 |   |
|                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock sold                                                                                              |   |   | - |   |   | - |   |   | 36,500 |   |   | 36,500 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 36,500 |   |
|                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                                                                       |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   | (66,951 | ) |   |   |   |   | - |   |   | (66,951 | ) |
|                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 1994                                                                                       |   |   | - |   |   | - |   |   | 16,067,772 |   |   | 102,951 |   |   | - |   |   | (66,951 | ) |   | - |   |   | - |   |   | 36,000 |   |
|                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock sold                                                                                              |   |   | - |   |   | - |   |   | 1,980,791 |   |   | 1,566,595 |   |   | - |   |   | - |   |   | (523,118 | ) |   | - |   |   | 1,043,477 |   |
|                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued in exchange for services                                                                   |   |   | - |   |   | - |   |   | 115,650 |   |   | 102,942 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 102,942 |   |
|                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued with employment agreements                                                                 |   |   | - |   |   | - |   |   | 75,000 |   |   | 78,750 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 78,750 |   |
|                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for compensation                                                                           |   |   | - |   |   | - |   |   | 377,500 |   |   | 151,000 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 151,000 |   |
|                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock options granted                                                                                          |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 622,500 |   |   | - |   |   | - |   |   | (622,500 | ) |   | - |   |
|                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Amortization of deferred compentsation                                                                         |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 114,375 |   |   | 114,375 |   |
|                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Forgiveness of officers' compensation                                                                          |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 50,333 |   |   | - |   |   | - |   |   | - |   |   | 50,333 |   |
|                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                                                                       |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (1,086,436 | ) |   | - |   |   | - |   |   | (1,086,436 | ) |
|                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 1995                                                                                       |   |   | - |   |   | - |   |   | 18,616,713 |   |   | 2,002,238 |   |   | 672,833 |   |   | (1,153,387 | ) |   | (523,118 | ) |   | (508,125 | ) |   | 490,441 |   |
|                                                                                                           |
| *The numbers presented from inception December 10, 1993 to June 30, 2005 are unaudited by our current auditor. |
| **See note 17 for a detailed breakdown by Series.                                                              |
|                                                                                                           |
|  See accompanying notes to the financial statements.                                                      |

----

10-K/A Financial Table of Contents

| IMAGING DIAGNOSTIC SYSTEMS, INC.                                                                                     |   |
|----------------------------------------------------------------------------------------------------------------------|--------|
| (a Development Stage Company)                                                                                        |   |
|                                                                                                                 |   |
| Statements of Stockholders' (Deficit) (Continued)                                                               |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| From December 10, 1993 (date of inception) to June 30, 2011 (Unaudited) *                                            |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   | Deficit |   |   |   |   |   |   |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |
|                                                                                                                 |   | Preferred Stock (**) |   | Common Stock |   | Additional |   | During the |   |   |   |   |   |   |   |
|                                                                                                                 |   | Number of |   | Number of |   | Paid-in |   | Development |   | Subscriptions |   | Deferred |   |   |   |
|                                                                                                                 |   | Shares |   | Amount |   | Shares |   | Amount |   | Capital |   | Stage |   | Receivable |   | Compensation |   | Total |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 1995                                                                                             |   |   | - |   |   | - |   |   | 18,616,713 |   |   | 2,002,238 |   |   | 672,833 |   |   | (1,153,387 | ) |   | (523,118 | ) |   | (508,125 | ) |   | 490,441 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Preferred stock sold, including dividends                                                                            |   |   | 4,000 |   |   | 3,600,000 |   |   | - |   |   | - |   |   | 1,335,474 |   |   | (1,335,474 | ) |   | - |   |   | - |   |   | 3,600,000 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock sold                                                                                                    |   |   | - |   |   | - |   |   | 700,471 |   |   | 1,561,110 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 1,561,110 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cancellation of stock subscription                                                                                   |   |   | - |   |   | - |   |   | (410,500 | ) |   | (405,130 | ) |   | - |   |   | - |   |   | 405,130 |   |   | - |   |   | - |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued in exchange for services                                                                         |   |   | - |   |   | - |   |   | 2,503,789 |   |   | 4,257,320 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 4,257,320 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued with exercise of stock options                                                                   |   |   | - |   |   | - |   |   | 191,500 |   |   | 104,375 |   |   | - |   |   | - |   |   | (4,375 | ) |   | - |   |   | 100,000 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued with exercise of options                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| for compensation                                                                                                     |   |   | - |   |   | - |   |   | 996,400 |   |   | 567,164 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 567,164 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion of preferred stock to common stock                                                                        |   |   | (1,600 | ) |   | (1,440,000 | ) |   | 420,662 |   |   | 1,974,190 |   |   | (534,190 | ) |   | - |   |   | - |   |   | - |   |   | - |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued as payment of preferred                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| stock dividends                                                                                                      |   |   | - |   |   | - |   |   | 4,754 |   |   | 14,629 |   |   | - |   |   | (14,629 | ) |   | - |   |   | - |   |   | - |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends accrued on preferred stock not                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| yet converted                                                                                                        |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (33,216 | ) |   | - |   |   | - |   |   | (33,216 | ) |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Collection of stock subscriptions                                                                                    |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 103,679 |   |   | - |   |   | 103,679 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Amortization of deferred compentsation                                                                               |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 232,500 |   |   | 232,500 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Forgiveness of officers' compensation                                                                                |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 100,667 |   |   | - |   |   | - |   |   | - |   |   | 100,667 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss (restated)                                                                                                  |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (6,933,310 | ) |   | - |   |   | - |   |   | (6,933,310 | ) |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 1996 (restated)                                                                                  |   |   | 2,400 |   |   | 2,160,000 |   |   | 23,023,789 |   |   | 10,075,896 |   |   | 1,574,784 |   |   | (9,470,016 | ) |   | (18,684 | ) |   | (275,625 | ) |   | 4,046,355 |   |
|                                                                                                                 |
| *The numbers presented from inception December 10, 1993 to June 30, 2005 are unaudited by our current auditor.  |
| **See note 17 for a detailed breakdown by Series.                                                               |
|                                                                                                                 |
|  See accompanying notes to the financial statements.                                                            |

----

10-K/A Financial Table of Contents

| IMAGING DIAGNOSTIC SYSTEMS, INC.                                                                                           |   |
|----------------------------------------------------------------------------------------------------------------------------|--------|
| (a Development Stage Company)                                                                                              |   |
|                                                                                                                       |   |
| Statements of Stockholders' (Deficit) (Continued)                                                                     |   |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| From December 10, 1993 (date of inception) to June 30, 2011 (Unaudited) *                                                  |   |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   | Deficit |   |   |   |   |   |   |   |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |
|                                                                                                                       |   | Preferred Stock (**) |   | Common Stock |   | Additional |   | During the |   |   |   |   |   |   |   |
|                                                                                                                       |   | Number of |   | Number of |   | Paid-in |   | Development |   | Subscriptions |   | Deferred |   |   |   |
|                                                                                                                       |   | Shares |   | Amount |   | Shares |   | Amount |   | Capital |   | Stage |   | Receivable |   | Compensation |   | Total |   |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 1996 (restated)                                                                                        |   |   | 2,400 |   |   | 2,160,000 |   |   | 23,023,789 |   |   | 10,075,896 |   |   | 1,574,784 |   |   | (9,470,016 | ) |   | (18,684 | ) |   | (275,625 | ) |   | 4,046,355 |   |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Preferred stock sold, including dividends                                                                                  |   |   | 450 |   |   | 4,500,000 |   |   | - |   |   | - |   |   | 998,120 |   |   | (998,120 | ) |   | - |   |   | - |   |   | 4,500,000 |   |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion of preferred stock to common stock                                                                              |   |   | (2,400 | ) |   | (2,160,000 | ) |   | 1,061,202 |   |   | 2,961,284 |   |   | (801,284 | ) |   | - |   |   | - |   |   | - |   |   | - |   |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued in exchange for services                                                                               |   |   | - |   |   | - |   |   | 234,200 |   |   | 650,129 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 650,129 |   |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for compensation                                                                                       |   |   | - |   |   | - |   |   | 353,200 |   |   | 918,364 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 918,364 |   |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued with exercise of stock options                                                                         |   |   | - |   |   | - |   |   | 361,933 |   |   | 1,136,953 |   |   | - |   |   | - |   |   | (33,750 | ) |   | - |   |   | 1,103,203 |   |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued to employee                                                                                            |   |   | - |   |   | - |   |   | (150,000 | ) |   | (52,500 | ) |   | - |   |   | - |   |   | - |   |   | - |   |   | (52,500 | ) |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued as payment of preferred                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| stock dividends                                                                                                            |   |   | - |   |   | - |   |   | 20,760 |   |   | 49,603 |   |   | - |   |   | (16,387 | ) |   | - |   |   | - |   |   | 33,216 |   |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends accrued on preferred stock not                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| yet converted                                                                                                              |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (168,288 | ) |   | - |   |   | - |   |   | (168,288 | ) |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock options granted                                                                                                      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 1,891,500 |   |   | - |   |   | - |   |   | (1,891,500 | ) |   | - |   |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Collection of stock subscriptions                                                                                          |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 16,875 |   |   | - |   |   | 16,875 |   |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Amortization of deferred compentsation                                                                                     |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 788,000 |   |   | 788,000 |   |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss (restated)                                                                                                        |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (7,646,119 | ) |   | - |   |   | - |   |   | (7,646,119 | ) |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 1997 (restated)                                                                                        |   |   | 450 |   |   | 4,500,000 |   |   | 24,905,084 |   |   | 15,739,729 |   |   | 3,663,120 |   |   | (18,298,930 | ) |   | (35,559 | ) |   | (1,379,125 | ) |   | 4,189,235 |   |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| *The numbers presented from inception December 10, 1993 to June 30, 2005 are unaudited by our current auditor.   |
| **See note 17 for a detailed breakdown by Series.                                                                     |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes to the financial statements.                                                                        |

----

10-K/A Financial Table of Contents

| IMAGING DIAGNOSTIC SYSTEMS, INC.                                                                                     |   |
|----------------------------------------------------------------------------------------------------------------------|--------|
| (a Development Stage Company)                                                                                        |   |
|                                                                                                                 |   |
| Statements of Stockholders' (Deficit) (Continued)                                                               |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| From December 10, 1993 (date of inception) to June 30, 2011 (Unaudited) *                                            |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   | Deficit |   |   |   |   |   |   |   |   |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |   |   |
|                                                                                                                 |   | Preferred Stock (**) |   | Common Stock |   | Additional |   | During the |   |   |   |   |   |   |   |   |   |
|                                                                                                                 |   | Number of |   | Number of |   | Paid-in |   | Development |   |   |   | Subscriptions |   | Deferred |   |   |   |
|                                                                                                                 |   | Shares |   | Amount |   | Shares |   | Amount |   | Capital |   | Stage |   |   |   | Receivable |   | Compensation |   | Total |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 1997 (restated)                                                                                  |   |   | 450 |   |   | 4,500,000 |   |   | 24,905,084 |   |   | 15,739,729 |   |   | 3,663,120 |   |   | (18,298,930 | ) |   |   |   |   | (35,559 | ) |   | (1,379,125 | ) |   | 4,189,235 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Preferred stock sold, including dividends                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and placement fees                                                                                                   |   |   | 501 |   |   | 5,010,000 |   |   | - |   |   | - |   |   | 1,290,515 |   |   | (1,741,015 | ) |   |   |   |   | - |   |   | - |   |   | 4,559,500 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion of preferred stock to common stock                                                                        |   |   | (340 | ) |   | (3,400,000 | ) |   | 6,502,448 |   |   | 4,644,307 |   |   | (1,210,414 | ) |   | - |   |   |   |   |   | - |   |   | - |   |   | 33,893 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock sold                                                                                                    |   |   | - |   |   | - |   |   | 500,000 |   |   | 200,000 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 200,000 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued in exchange for services                                                                         |   |   | - |   |   | - |   |   | 956,000 |   |   | 1,419,130 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 1,419,130 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued for compensation                                                                                 |   |   | - |   |   | - |   |   | 64,300 |   |   | 54,408 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 54,408 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued with exercise of stock options                                                                   |   |   | - |   |   | - |   |   | 65,712 |   |   | 22,999 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 22,999 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued in exchange for                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| licensing agreement                                                                                                  |   |   | - |   |   | - |   |   | 3,500,000 |   |   | 1,890,000 |   |   | (3,199,000 | ) |   | - |   |   |   |   |   | - |   |   | - |   |   | (1,309,000 | ) |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends accrued on preferred stock not                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| yet converted                                                                                                        |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (315,000 | ) |   |   |   |   | - |   |   | - |   |   | (315,000 | ) |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock options granted                                                                                                |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 1,340,625 |   |   | - |   |   |   |   |   | - |   |   | (1,340,625 | ) |   | - |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Collection of stock subscriptions                                                                                    |   |   | - |   |   | - |   |   | - |   |   | 12,500 |   |   | - |   |   | - |   |   |   |   |   | 21,250 |   |   | - |   |   | 33,750 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Amortization of deferred compentsation                                                                               |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 1,418,938 |   |   | 1,418,938 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss (restated)                                                                                                  |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (6,715,732 | ) |   |   |   |   | - |   |   | - |   |   | (6,715,732 | ) |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 1998 (restated)                                                                                  |   |   | 611 |   |   | 6,110,000 |   |   | 36,493,544 |   |   | 23,983,073 |   |   | 1,884,846 |   |   | (27,070,677 | ) |   |   |   |   | (14,309 | ) |   | (1,300,812 | ) |   | 3,592,121 |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| *The numbers presented from inception December 10, 1993 to June 30, 2005 are unaudited by our current auditor.  |   |
| **See note 17 for a detailed breakdown by Series.                                                               |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes to the financial statements.                                                                  |

----

10-K/A Financial Table of Contents

| IMAGING DIAGNOSTIC SYSTEMS, INC.                                                                                           |   |                 |   |
|----------------------------------------------------------------------------------------------------------------------------|--------|----------------------|--------|
| (a Development Stage Company)                                                                                              |   |                 |   |
|                                                                                                                       |   |                 |   |
| Statements of Stockholders' (Deficit) (Continued)                                                                     |   |                 |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| From December 10, 1993 (date of inception) to June 30, 2011 (Unaudited) *                                                  |   |                 |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   | Deficit |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                       |   | Preferred Stock (**) |   | Common Stock |   | Additional |   | During the |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                       |   | Number of            |   | Number of |   | Paid-in |   | Development |   |   |   | Subscriptions |   | Deferred |   |   |   |   |   |
|                                                                                                                       |   | Shares               |   | Amount |   | Shares |   | Amount |   | Capital |   | Stage |   |   |   | Receivable |   | Compensation |   | Total |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 1998 (restated)                                                                                        |   |                 | 611    |   |   | 6,110,000 |   |   | 36,493,544 |   |   | 23,983,073 |   |   | 1,884,846 |   |   | (27,070,677 | ) |   |   |   |   | (14,309 | ) |   | (1,300,812 | ) |   | 3,592,121 |   |   | * |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Preferred stock issued - satisfaction of debt                                                                              |   |                 | 138    |   |   | 1,380,000 |   |   | - |   |   | - |   |   | (161,348 | ) |   | (492,857 | ) |   |   |   |   | - |   |   | - |   |   | 725,795 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion of preferred stock to common stock                                                                              |   |                 | (153   | ) |   | (1,530,000 | ) |   | 4,865,034 |   |   | 1,972,296 |   |   | (442,296 | ) |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock sold                                                                                                          |   |                 | -      |   |   | - |   |   | 200,000 |   |   | 60,000 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 60,000 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - exchange for services                                                                                |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and compensation                                                                                                           |   |                 | -      |   |   | - |   |   | 719,442 |   |   | 301,210 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 301,210 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - repayment of debt                                                                                    |   |                 | -      |   |   | - |   |   | 2,974,043 |   |   | 1,196,992 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 1,196,992 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued in exchange for loan fees                                                                              |   |                 | -      |   |   | - |   |   | 480,000 |   |   | 292,694 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 292,694 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued with exercise of stock options                                                                         |   |                 | -      |   |   | - |   |   | 65,612 |   |   | 124,464 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 124,464 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued in satisfaction of                                                                                     |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| licensing agreement payable                                                                                                |   |                 | -      |   |   | - |   |   | 3,500,000 |   |   | 1,890,000 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 1,890,000 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Redeemable preferred stock sold, deemed dividend                                                                           |   |                 | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (127,117 | ) |   |   |   |   | - |   |   | - |   |   | (127,117 | ) |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends accrued-preferred stock not yet converted                                                                        |   |                 | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (329,176 | ) |   |   |   |   | - |   |   | - |   |   | (329,176 | ) |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock options granted                                                                                                      |   |                 | -      |   |   | - |   |   | - |   |   | - |   |   | 209,625 |   |   | - |   |   |   |   |   | - |   |   | (209,625 | ) |   | - |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Amortization of deferred compentsation                                                                                     |   |                 | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 1,510,437 |   |   | 1,510,437 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss (restated)                                                                                                        |   |                 | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (6,543,292 | ) |   |   |   |   | - |   |   | - |   |   | (6,543,292 | ) |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 1999 (restated)                                                                                        |   |                 | 596    |   |   | 5,960,000 |   |   | 49,297,675 |   |   | 29,820,729 |   |   | 1,490,827 |   |   | (34,563,119 | ) |   |   |   |   | (14,309 | ) |   | - |   |   | 2,694,128 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                       |
| *The numbers presented from inception December 10, 1993 to June 30, 2005 are unaudited by our current auditor.   |
| **See note 17 for a detailed breakdown by Series.                                                                     |
|                                                                                                                       |
|  See accompanying notes to the financial statements.                                                                  |

----

10-K/A Financial Table of Contents

| IMAGING DIAGNOSTIC SYSTEMS, INC.                                                                                     |   |                 |   |
|----------------------------------------------------------------------------------------------------------------------|--------|----------------------|--------|
| (a Development Stage Company)                                                                                        |   |                 |   |
|                                                                                                                 |   |                 |   |
| Statements of Stockholders' (Deficit) (Continued)                                                               |   |                 |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| From December 10, 1993 (date of inception) to June 30, 2011 (Unaudited) *                                            |   |                 |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   | Deficit |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                 |   | Preferred Stock (**) |   | Common Stock |   | Additional |   | During the |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                 |   | Number of            |   | Number of |   | Paid-in |   | Development |   |   |   | Subscriptions |   | Deferred |   |   |   |   |   |
|                                                                                                                 |   | Shares               |   | Amount |   | Shares |   | Amount |   | Capital |   | Stage |   |   |   | Receivable |   | Compensation |   | Total |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 1999 (restated)                                                                                  |   |                 | 596    |   |   | 5,960,000 |   |   | 49,297,675 |   |   | 29,820,729 |   |   | 1,490,827 |   |   | (34,563,119 | ) |   |   |   |   | (14,309 | ) |   | - |   |   | 2,694,128 |   |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion of convertible debentures                                                                                 |   |                 | -      |   |   | - |   |   | 4,060,398 |   |   | 3,958,223 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 3,958,223 |   |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion of preferred stock to common, net                                                                         |   |                 | (596   | ) |   | (5,960,000 | ) |   | 45,415,734 |   |   | 7,313,334 |   |   | (648,885 | ) |   | - |   |   |   |   |   | - |   |   | - |   |   | 704,449 |   |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock sold                                                                                                    |   |                 | -      |   |   | - |   |   | 100,000 |   |   | 157,000 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 157,000 |   |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - exchange for services                                                                          |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and compensation, net of cancelled shares                                                                            |   |                 | -      |   |   | - |   |   | 137,000 |   |   | (18,675 | ) |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | (18,675 | ) |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - repayment of debt                                                                              |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and accrued interest                                                                                                 |   |                 | -      |   |   | - |   |   | 5,061,294 |   |   | 1,067,665 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 1,067,665 |   |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued in exchange for                                                                                  |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| interest and loan fees                                                                                               |   |                 | -      |   |   | - |   |   | 7,297 |   |   | 2,408 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 2,408 |   |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued with exercise of stock options                                                                   |   |                 | -      |   |   | - |   |   | 1,281,628 |   |   | 395,810 |   |   | 157,988 |   |   | - |   |   |   |   |   | (13,599 | ) |   | - |   |   | 540,199 |   |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued with exercise of warrants                                                                        |   |                 | -      |   |   | - |   |   | 150,652 |   |   | 121,563 |   |   | 97,850 |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 219,413 |   |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance of note payable with warrants at a discount                                                                 |   |                 | -      |   |   | - |   |   | - |   |   | - |   |   | 500,000 |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 500,000 |   |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends accrued-preferred stock not yet converted                                                                  |   |                 | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (145,950 | ) |   |   |   |   | - |   |   | - |   |   | (145,950 | ) |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss (restated)                                                                                                  |   |                 | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (6,531,662 | ) |   |   |   |   | - |   |   | - |   |   | (6,531,662 | ) |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 2000 (restated)                                                                                  |   |                 | -      |   |   | - |   |   | 105,511,678 |   |   | 42,818,057 |   |   | 1,597,780 |   |   | (41,240,731 | ) |   |   |   |   | (27,908 | ) |   | - |   |   | 3,147,198 |   |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| *The numbers presented from inception December 10, 1993 to June 30, 2005 are unaudited by our current auditor.  |
| **See note 17 for a detailed breakdown by Series.                                                               |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes to the financial statements.                                                                  |   |                 |   |

----

10-K/A Financial Table of Contents

| IMAGING DIAGNOSTIC SYSTEMS, INC.                                                                                     |   |                 |   |
|----------------------------------------------------------------------------------------------------------------------|--------|----------------------|--------|
| (a Development Stage Company)                                                                                        |   |                 |   |
|                                                                                                                 |   |                 |   |
| Statements of Stockholders' (Deficit) (Continued)                                                               |   |                 |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| From December 10, 1993 (date of inception) to June 30, 2011 (Unaudited) *                                            |   |                 |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   | Deficit |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                 |   | Preferred Stock (**) |   | Common Stock |   | Additional |   | During the |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                 |   | Number of            |   | Number of |   | Paid-in |   | Development |   |   |   | Subscriptions |   | Deferred |   |   |   |   |   |
|                                                                                                                 |   | Shares               |   | Amount |   | Shares |   | Amount |   | Capital |   | Stage |   |   |   | Receivable |   | Compensation |   | Total |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 2000 (restated)                                                                                  |   |                 | -      |   |   | - |   |   | 105,511,678 |   |   | 42,818,057 |   |   | 1,597,780 |   |   | (41,240,731 | ) |   |   |   |   | (27,908 | ) |   | - |   |   | 3,147,198 |   |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Preferred stock sold, including dividends                                                                            |   |                 | 500    |   |   | 5,000,000 |   |   | - |   |   | - |   |   | 708,130 |   |   | (708,130 | ) |   |   |   |   | - |   |   | - |   |   | 5,000,000 |   |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion of preferred stock to common, net                                                                         |   |                 | (500   | ) |   | (5,000,000 | ) |   | 5,664,067 |   |   | 5,580,531 |   |   | (708,130 | ) |   | - |   |   |   |   |   | - |   |   | - |   |   | (127,599 | ) |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - line of equity transactions                                                                    |   |                 | -      |   |   | - |   |   | 3,407,613 |   |   | 3,143,666 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 3,143,666 |   |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - exchange for services                                                                          |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and compensation                                                                                                     |   |                 | -      |   |   | - |   |   | 153,500 |   |   | 227,855 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 227,855 |   |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - repayment of debt                                                                              |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and accrued interest                                                                                                 |   |                 | -      |   |   | - |   |   | 810,000 |   |   | 1,393,200 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 1,393,200 |   |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued with exercise of stock options                                                                   |   |                 | -      |   |   | - |   |   | 3,781,614 |   |   | 1,868,585 |   |   | - |   |   | - |   |   |   |   |   | 13,599 |   |   | - |   |   | 1,882,184 |   |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued with exercise of warrants                                                                        |   |                 | -      |   |   | - |   |   | 99,375 |   |   | 119,887 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 119,887 |   |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends accrued-preferred stock                                                                                    |   |                 | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (422,401 | ) |   |   |   |   | - |   |   | - |   |   | (422,401 | ) |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss (restated)                                                                                                  |   |                 | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (9,532,450 | ) |   |   |   |   | - |   |   | - |   |   | (9,532,450 | ) |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 2001 (restated)                                                                                  |   |                 | -      |   |   | - |   |   | 119,427,847 |   |   | 55,151,781 |   |   | 1,597,780 |   |   | (51,903,712 | ) |   |   |   |   | (14,309 | ) |   | - |   |   | 4,831,540 |   |   |   |   |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| *The numbers presented from inception December 10, 1993 to June 30, 2005 are unaudited by our current auditor.  |
| **See note 17 for a detailed breakdown by Series.                                                               |
|                                                                                                                 |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes to the financial statements.                                                                  |   |                 |   |

----

10-K/A Financial Table of Contents

| IMAGING DIAGNOSTIC SYSTEMS, INC.                                                                                           |   |                 |   |
|----------------------------------------------------------------------------------------------------------------------------|--------|----------------------|--------|
| (a Development Stage Company)                                                                                              |   |                 |   |
|                                                                                                                       |   |                 |   |
| Statements of Stockholders' (Deficit) (Continued)                                                                     |   |                 |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| From December 10, 1993 (date of inception) to June 30, 2011 (Unaudited) *                                                  |   |                 |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   | Deficit |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                       |   | Preferred Stock (**) |   | Common Stock |   | Additional |   | During the |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                       |   | Number of            |   | Number of |   | Paid-in |   | Development |   |   |   | Subscriptions |   | Deferred |   |   |   |   |   |
|                                                                                                                       |   | Shares               |   | Amount |   | Shares |   | Amount |   | Capital |   | Stage |   |   |   | Receivable |   | Compensation |   | Total |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 2001 (restated)                                                                                        |   |                 | -      |   |   | - |   |   | 119,427,847 |   |   | 55,151,781 |   |   | 1,597,780 |   |   | (51,903,712 | ) |   |   |   |   | (14,309 | ) |   | - |   |   | 4,831,540 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - line of equity transactions                                                                          |   |                 | -      |   |   | - |   |   | 11,607,866 |   |   | 6,213,805 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 6,213,805 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - exchange for services                                                                                |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and compensation                                                                                                           |   |                 | -      |   |   | - |   |   | 560,000 |   |   | 294,350 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | (117,600 | ) |   | 176,750 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss (restated)                                                                                                        |   |                 | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (7,997,652 | ) |   |   |   |   | - |   |   | - |   |   | (7,997,652 | ) |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 2002 (restated)                                                                                        |   |                 | -      |   |   | - |   |   | 131,595,713 |   |   | 61,659,936 |   |   | 1,597,780 |   |   | (59,901,364 | ) |   |   |   |   | (14,309 | ) |   | (117,600 | ) |   | 3,224,443 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - line of equity transactions                                                                          |   |                 | -      |   |   | - |   |   | 29,390,708 |   |   | 8,737,772 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 8,737,772 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - exchange for services                                                                                |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and compensation                                                                                                           |   |                 | -      |   |   | - |   |   | 2,007,618 |   |   | 970,653 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 117,600 |   |   | 1,088,253 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Payment of subscriptions receivable                                                                                        |   |                 | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 14,309 |   |   | - |   |   | 14,309 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss (restated)                                                                                                        |   |                 | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (8,358,774 | ) |   |   |   |   | - |   |   | - |   |   | (8,358,774 | ) |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 2003 (restated)                                                                                        |   |                 | -      |   |   | - |   |   | 162,994,039 |   |   | 71,368,361 |   |   | 1,597,780 |   |   | (68,260,138 | ) |   |   |   |   | - |   |   | - |   |   | 4,706,003 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| *The numbers presented from inception December 10, 1993 to June 30, 2005 are unaudited by our current auditor.   |
| **See note 17 for a detailed breakdown by Series.                                                                     |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes to the financial statements.                                                                        |   |                 |   |

----

10-K/A Financial Table of Contents

| IMAGING DIAGNOSTIC SYSTEMS, INC.                                                                                           |   |                 |   |
|----------------------------------------------------------------------------------------------------------------------------|--------|----------------------|--------|
| (a Development Stage Company)                                                                                              |   |                 |   |
|                                                                                                                       |   |                 |   |
| Statements of Stockholders' (Deficit) (Continued)                                                                     |   |                 |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| From December 10, 1993 (date of inception) to June 30, 2011 (Unaudited) *                                                  |   |                 |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   | Deficit |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                       |   | Preferred Stock (**) |   | Common Stock |   | Additional |   | During the |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                       |   | Number of            |   | Number of |   | Paid-in |   | Development |   |   |   | Subscriptions |   | Deferred |   |   |   |   |   |
|                                                                                                                       |   | Shares               |   | Amount |   | Shares |   | Amount |   | Capital |   | Stage |   |   |   | Receivable |   | Compensation |   | Total |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 2003 (restated)                                                                                        |   |                 | -      |   |   | - |   |   | 162,994,039 |   |   | 71,368,361 |   |   | 1,597,780 |   |   | (68,260,138 | ) |   |   |   |   | - |   |   | - |   |   | 4,706,003 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - line of equity transactions                                                                          |   |                 | -      |   |   | - |   |   | 8,630,819 |   |   | 6,541,700 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 6,541,700 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - exchange for services                                                                                |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and compensation                                                                                                           |   |                 | -      |   |   | - |   |   | 734,785 |   |   | 832,950 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 832,950 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - exercise of stock options                                                                            |   |                 | -      |   |   | - |   |   | 967,769 |   |   | 492,701 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 492,701 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                                                                                   |   |                 | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (8,402,959 | ) |   |   |   |   | - |   |   | - |   |   | (8,402,959 | ) |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 2004 (Restated)                                                                                        |   |                 | -      |   |   | - |   |   | 173,327,412 |   |   | 79,235,712 |   |   | 1,597,780 |   |   | (76,663,097 | ) |   |   |   |   | - |   |   | - |   |   | 4,170,395 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - line of equity transactions                                                                          |   |                 | -      |   |   | - |   |   | 26,274,893 |   |   | 7,797,807 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 7,797,807 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - exchange for services                                                                                |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and compensation                                                                                                           |   |                 | -      |   |   | - |   |   | 285,000 |   |   | 113,850 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 113,850 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - exercise of stock options                                                                            |   |                 | -      |   |   | - |   |   | 13,264 |   |   | 3,404 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | 3,404 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                                                                                   |   |                 | -      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (7,312,918 | ) |   |   |   |   | - |   |   | - |   |   | (7,312,918 | ) |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 2005                                                                                                   |   |                 | -      |   | $ | - |   |   | 199,900,569 |   | $ | 87,150,773 |   | $ | 1,597,780 |   | $ | (83,976,015 | ) |   |   |   | $ | - |   | $ | - |   |   | 4,772,538 |   |   |   |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| *The numbers presented from inception December 10, 1993 to June 30, 2005 are unaudited by our current auditor.   |   |
| **See note 17 for a detailed breakdown by Series.                                                                     |   |
|                                                                                                                       |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes to the financial statements.                                                                        |   |                 |   |

----

10-K/A Financial Table of Contents

| IMAGING DIAGNOSTIC SYSTEMS, INC.                            |   |
|-------------------------------------------------------------|--------|
| (a Development Stage Company)                               |   |
|                                                        |   |
| Statements of Stockholders' (Deficit) (Continued)      |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| From December 10, 1993 (date of inception) to June 30, 2011 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   | Deficit |   |   |   |   |   |   |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |
|                                                        |   | Preferred Stock (**) |   | Common Stock |   | Additional |   | During the |   |   |   |   |   |   |   |
|                                                        |   | Number of |   | Number of |   | Paid-in |   | Development |   | Subscriptions |   | Deferred |   |   |   |
|                                                        |   | Shares |   | Amount |   | Shares |   | Amount |   | Capital |   | Stage |   | Receivable |   | Compensation |   | Total |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 2005                                    |   |   | - |   |   | - |   |   | 199,900,569 |   |   | 87,150,773 |   |   | 1,597,780 |   |   | (83,976,015 | ) |   | - |   |   | - |   |   | 4,772,538 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - line of equity transactions           |   |   | - |   |   | - |   |   | 47,776,064 |   |   | 7,409,543 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 7,409,543 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fair Value of Stock Option Expenses                         |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 632,557 |   |   | - |   |   | - |   |   | - |   |   | 632,557 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                    |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (7,162,722 | ) |   | - |   |   | - |   |   | (7,162,722 | ) |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 2006                                    |   |   | - |   |   | - |   |   | 247,676,633 |   |   | 94,560,316 |   |   | 2,230,337 |   |   | (91,138,737 | ) |   | - |   |   | - |   |   | 5,651,916 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Common stock issued - line of equity transactions     |   |   | - |   |   |  - |   |   | 63,861,405 |   |   | 4,560,415 |   |   |   - |   |   |  - |   |   |    - |   |   |  - |   |   | 4,560,415 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Fair Value of Stock Option Expenses                  |   |   |  - |   |   |  - |   |   | - |   |   | - |   |   | 431,313 |   |   |  - |   |   |  - |   |   |  - |   |   | 431,313  |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Net loss                                             |   |   |  - |   |   |  - |   |   | - |   |   | - |   |   |  - |   |   | (7,202,322 | ) |   | - |   |   |  - |   |   | (7,202,322 | )  |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Balance at June 30, 2007                             |   |   | -  |   |   |  - |   |   | 311,538,038  |   |   | 99,120,731  |   |   | 2,661,650  |   |   | (98,341,059)  |   |   | - |   |   |  - |   |   | 3,441,322  |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                        |   |
| ** See Note 17 for a detailed breakdown by Series.          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes to the financial statements.         |

----

10-K/A Financial Table of Contents

| IMAGING DIAGNOSTIC SYSTEMS, INC.                            |   |
|-------------------------------------------------------------|--------|
| (a Development Stage Company)                               |   |
|                                                        |   |
| Statements of Stockholders' (Deficit) (Continued)      |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| From December 10, 1993 (date of inception) to June 30, 2011 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   | Deficit |   |   |   |   |   |   |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |
|                                                        |   | Preferred Stock (**) |   | Common Stock |   | Additional |   | During the |   |   |   |   |   |   |   |
|                                                        |   | Number of |   | Number of |   | Paid-in |   | Development |   | Subscriptions |   | Deferred |   |   |   |
|                                                        |   | Shares |   | Amount |   | Shares |   | Amount |   | Capital |   | Stage |   | Receivable |   | Compensation |   | Total |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 2007                                    |   |   | - |   |   | - |   |   | 311,538,038 |   |   | 99,120,731 |   |   | 2,661,650 |   |   | (98,341,059 | ) |   | - |   |   | - |   |   | 3,441,322 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - line of equity transactions           |   |   | - |   |   | - |   |   | 13,979,430 |   |   | 530,414 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 7,409,543 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fair Value of Stock Option Expenses                         |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 183,182 |   |   | - |   |   | - |   |   | - |   |   | 183,182 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                    |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (4,623,679 | ) |   | - |   |   | - |   |   | (4,623,679 | ) |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 2008                                    |   |   | - |   |   | - |   |   | 325,517,468 |   |   | 99,651,145 |   |   | 2,844,832 |   |   | (102,964,738 | ) |   | - |   |   | - |   |   | (468,761 | ) |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - line of equity transactions      |   |   | - |   |   |  - |   |   | 158,747,217 |   |   |  1,674,885 |   |   | - |   |   | -  |   |   | -  |   |   | -  |   |   |  1,674,885 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - Conversion of Cv Debenture            |   |   |  - |   |   |  - |   |   | 93,958,547 |   |   |  621,220 |   |   | - |   |   | -  |   |   | -  |   |   | -  |   |   |  621,220 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - Exercise of Warrants   |   |   |  - |   |   |  - |   |   |  21,755,555 |   |   |  178,778 |   |   | - |   |   | -  |   |   | -  |   |   | -  |   |   |  178,778 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - Consulting                            |   |   |  - |   |   |  - |   |   |  5,000,000 |   |   |  55,000 |   |   |  - |   |   | -  |   |   | -  |   |   | -  |   |   |  55,000 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - Employees                             |   |   |  - |   |   |  - |   |   |  2,400,000 |   |   |  19,200 |   |   |  - |   |   | -  |   |   | -  |   |   | -  |   |   |  19,200 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sale of Common Stock - Restricted Shares Issued             |   |   |  - |   |   |  - |   |   |  4,000,000 |   |   |  80,000 |   |   |  - |   |   | -  |   |   | -  |   |   | -  |   |   |  80,000 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fair Value of Stock Option Expenses                    |   |   |  - |   |   |  - |   |   | - |   |   |  - |   |   |  145,577 |   |   | -  |   |   | -  |   |   | -  |   |   |  145,577 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Discount - FV and BCF for $400,000 Cv Deb.             |   |   |  - |   |   |  - |   |   |  - |   |   |   - |   |   |  400,000 |   |   | -  |   |   | -  |   |   |   |   |   |  400,000 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Discount - FV and BCF for $400,000 Cv Deb. # 2         |   |   |  - |   |   |  - |   |   |  - |   |   |  - |   |   |  92,308 |   |   | -  |   |   | -  |   |   | -  |   |   |  92,308 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Repricing of Warrants                                  |   |   |  - |   |   |  - |   |   |  - |   |   |  - |   |   | 17,000  |   |   | -  |   |   | -  |   |   | -  |   |   | 17,000 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                               |   |                | - |   |   |   - |   |   |  - |   |   |  - |   |   |  - |   |   |  (3,944,429 | )  |   | - |   |   | - |   |   |  (3,944,429 | )  |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance of June 30, 2009                               |   |   |  - |   |   | - |   |   |  611,378,787 |   |   |  102,280,228 |   |   | 3,499,717  |   |   |  (106,909,167 | ) |   | - |   |   | - |   |   |  (1,129,222 | )  |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                        |   |
| ** See Note 17 for a detailed breakdown by Series.          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes to the financial statements.         |

----

10-K/A Financial Table of Contents

| IMAGING DIAGNOSTIC SYSTEMS, INC.                                                                                                            |   |
|---------------------------------------------------------------------------------------------------------------------------------------------|--------|
| (a Development Stage Company)                                                                                                               |   |
|                                                                                                                                        |   |
| Statements of Stockholders' (Deficit) (Continued)                                                                                      |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| From December 10, 1993 (date of inception) to June 30, 2011                                                                                 |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   | Deficit |   |   |   |   |   |   |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |
|                                                                                                                                        |   | Preferred Stock (**) |   | Common Stock |   | Additional |   | During the |   |   |   |   |   |   |   |
|                                                                                                                                        |   | Number of |   | Number of |   | Paid-in |   | Development |   | Subscriptions |   | Deferred |   |   |   |
|                                                                                                                                        |   | Shares |   | Amount |   | Shares |   | Amount |   | Capital |   | Stage |   | Receivable |   | Compensation |   | Total |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 2009                                                                                                                    |   |   | - |   |   | - |   |   | 611,378,787 |   |   | 102,280,228 |   |   | 3,499,717 |   |   | (106,909,167 | ) |   | - |   |   | - |   |   | (1,129,222) |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Preferred stock issued - Series L(1)                                                                                                        |   |  35 | - |   |   | - |   |   | - |   |   | - |   |   | (10,875 |  ) |   | - |   |   | - |   |   | - |   |   | (10,875) |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - line of equity transactions(2)                                                                                        |   |   | - |   |   |  - |   |   | 90,803,568 |   |   |  1,524,764 |   |   | - |   |   | -  |   |   | -  |   |   | -  |   |   |  1,524,764 |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - Conversion of Cv Debenture                                                                                            |   |   |  - |   |   |  - |   |   | 45,334,856 |   |   |  223,743 |   |   | - |   |   | -  |   |   | -  |   |   | -  |   |   |  223,743 |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - Exercise of Warrants                                                                                   |   |   |  - |   |   |  - |   |   |  11,180,822 |   |   |  89,444 |   |   | (89,444 | )  |   | -  |   |   | -  |   |   | -  |   |   |  - |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - Consulting                                                                                                            |   |   |  - |   |   |  - |   |   |  250,000 |   |   |  2,250 |   |   |  11,250 |   |   | -  |   |   | -  |   |   | -  |   |   |  13,500 |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - Employees                                                                                                             |   |   |  - |   |   |  - |   |   |  6,150,952 |   |   |  191,790 |   |   |  10,793 |   |   | -  |   |   | -  |   |   | -  |   |   |  202,583 |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - Add'l Consideration for Loans                                                                                         |   |   |  - |   |   |  - |   |   |  16,625,000 |   |   |  465,500 |   |   |  21,000 |   |   | -  |   |   | -  |   |   | -  |   |   |  486,500 |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - Collateral for Loans                                                                                                  |   |   |  - |   |   |  - |   |   | 55,363,637 |   |   |  - |   |   |  - |   |   | -  |   |   | -  |   |   | -  |   |   |  - |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fair Value of Stock Option Expenses                                                                                               |   |   | - |   |   | - |   |   | - |   |   | - |   |   |  588,565 |   |   | -  |   |   | -  |   |   | -  |   |   | 588,565 |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Discount - Add'l Consideration for Loans                                                                                                    |   |   |  - |   |   |  - |   |   |  - |   |   |  - |   |   |  357,000 |   |   | -  |   |   | -  |   |   | -  |   |   |  357,000 |   |
|                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                                                                                               |   |                |   |   |   |   - |   |   |  - |   |   |  - |   |   |  - |   |   |  (4,971,715 | )  |   | - |   |   | - |   |   |  (4,971,715 | )  |
|                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance of June 30, 2010(2)                                                                                                                 |   | 35 |   |   |   | - |   |   |  837,087,622 |   |   |  104,777,719 |   |   | 4,388,006  |   |   |  (111,880,882 | ) |   | - |   |   | - |   |   |  (2,715,157 | )  |
|                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                        |   |
| (1)Convertible Preferred Shares are reported as a liability and therefore have no value in Stockholders' Equity.                       |   |
| (2)As of June 30, 2010 JH Darbie & Co. is holding 196,431 shares that have been issued but not sold under the Equity Credit Line.  |   |
| ** See Note 17 for a detailed breakdown by Series.                                                                                          |   |
|                                                                                                                                        |   |
| See accompanying notes to the financial statements.                                                                                         |

----

| IMAGING DIAGNOSTIC SYSTEMS, INC.                                                                                                       |
|----------------------------------------------------------------------------------------------------------------------------------------|
| (a Development Stage Company)                                                                                                          |
|                                                                                                                                   |
| Statements of Stockholders' (Deficit) (Continued)                                                                                      |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| From December 10, 1993 (date of inception) to June 30, 2011                                                                            |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   | Deficit |   |   |   |   |   |   |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |   |
|                                                                                                                                   | Preferred Stock (**) |  Common Stock |   | Additional |   | During the |   |   |   |   |   |   |
|                                                                                                                                   | Number of | Number of |   | Paid-in |   | Development |   | Subscriptions |   | Deferred |   |   |
|                                                                                                                                   | Shares |   | Amount |   | Shares |   | Amount |   | Capital |   | Stage |   | Receivable |   | Compensation |   | Total |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 2010                                                                                                               |                35 |   |                   - |   |    837,087,622 |   |    104,777,719 |   |     4,388,006 |   |   (111,880,882) |   |                 - |   |                   - |   |      (2,715,157) |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Preferred stock issued - Series L(1)                                                                                                   |              (15) |   |                   - |   |      10,000,000 |   |           150,000 |   |        (24,989) |   |                     - |   |                 - |   |                   - |   |           125,011 |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - line of equity transactions(2)                                                                                   |                - |   |                   - |   |      77,928,568 |   |        1,502,193 |   |                 - |   |                     - |   |                 - |   |                   - |   |        1,502,193 |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - Employees                                                                                                        |                - |   |                   - |   |        4,750,000 |   |           109,250 |   |                 - |   |                     - |   |                 - |   |                   - |   |           109,250 |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reduction in Collateral Shares                                                                                                         |                - |   |                   - |   |                     - |   |        1,076,030 |   |                 - |   |                     - |   |                 - |   |                   - |   |        1,076,030 |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment for Collateral Sharers Issued                                                                                               |                - |   |                   - |   |                     - |   |         (324,879) |   |                 - |   |                     - |   |                 - |   |                   - |   |         (324,879) |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock issued - Extinguishment Debt                                                                                              |                - |   |                   - |   |      12,430,734 |   |           112,674 |   |                 - |   |                     - |   |                 - |   |                   - |   |           112,674 |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fair Value on Debt to Equity Conversions                                                                                               |                - |   |                   - |   |                     - |   |                     - |   |        771,865 |   |                     - |   |                 - |   |                   - |   |           771,865 |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fair Value of Stock Option Expenses                                                                                                    |                - |   |                   - |   |                     - |   |                     - |   |        375,703 |   |                     - |   |                 - |   |                   - |   |           375,703 |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Discount - BCF for Southridge Notes                                                                                                    |                - |   |                   - |   |                     - |   |                     - |   |        779,000 |   |                     - |   |                 - |   |                   - |   |           779,000 |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Discount - BCF for JMJ Financial Notes                                                                                                 |                - |   |                   - |   |                     - |   |                     - |   |        201,621 |   |                     - |   |                 - |   |                   - |   |           201,621 |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reclassification of Fair Value of Derivative Securities                                                                                |                - |   |                   - |   |                     - |   |                     - |   |      (864,954) |   |                     - |   |                 - |   |                   - |   |         (864,954) |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                                                                                               |                - |   |                   - |   |                     - |   |                     - |   |                 - |   |       (5,877,525) |   |                 - |   |                   - |   |      (5,877,525) |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 2011(2)                                                                                                            |                20 |   |                   - |   |    942,196,924 |   |    107,402,987 |   |     5,626,252 |   |   (117,758,407) |   |                 - |   |                   - |   |      (4,729,168) |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1) Convertible Preferred Shares are reported as a liability and therefore have no value in Stockholders' Equity.                      |   |   |   |   |   |   |   |   |
| (2) As of June 30, 2011 JH Darbie & Co. is holding 505,619 shares that have been issued but not sold under the Equity Credit Line. |   |   |   |   |
| ** See Note 19 for a detailed breakdown by Series.                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes to the financial statements.                                                                                    |

----

10-K/A Financial Table of Contents

| IMAGING DIAGNOSTIC SYSTEMS, INC.                                                                                |   |
|-----------------------------------------------------------------------------------------------------------------|--------|
| (A Development Stage Company)                                                                                   |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |
| Statement of Cash Flows                                                                                         |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |
|                                                                                                            |   |   |   |   |   |   |   | From Inception |   |
|                                                                                                            |   |   |   |   |   |   |   | (December 10, |   |
|                                                                                                            |   | Year Ended |   |   | Year Ended |   |   | 1993) to |   |
|                                                                                                            |   | June 30, 2011 |   |   | June 30, 2010 |   |   | June 30, 2011 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   | Unaudited * |   |
| Net loss                                                                                                        |   | $ | (5,877,525 | ) |   | $ | (4,971,715 | ) |   | $ | (110,910,647 | ) |
| Adjustments to reconcile net loss to net cash                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
|   used for operating activities:                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|     Depreciation and amortization                                                      |   |   | 100,751 |   |   |   | 144,445 |   |   |   | 3,410,068 |   |
|     (Gain) Loss on sale of fixed assets                                                     |   |   | - |   |   |   | - |   |   |   | (2,794,565 | ) |
|     Extinguishment of debt                                                                  |   |   | (13,010 | ) |   |   | (98,829 | ) |   |   | (543,301 | ) |
|     Inventory valuation adjustment                                                          |   |   | 95,096 |   |   |   | 67,678 |   |   |   | 4,915,445 |   |
|     Amoritization of deferred compensation                                                  |   |   | - |   |   |   |   |   |   |   | 4,064,250 |   |
|     Noncash interest, compensation and consulting services                                  |   |   | 1,913,754 |   |   |   | 1,835,184 |   |   |   | 23,587,430 |   |
|     Fair Value of Stock Option Expenses                                                     |   |   | 375,704 |   |   |   | 588,564 |   |   |   | 2,356,897 |   |
|     (Increase) decrease in accounts and                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
|           loans receivable - employees, net                        |   |   | 39,929 |   |   |   | 5,225 |   |   |   | (130,384 | ) |
|      Increase (decrease) in allowance for                                              |   |   |   |   |   |   |   |   |   |   |   |   |
|           doubful account                                          |   |   | (91,482 | ) |   |   | - |   |   |   | 23,500 |   |
|     (Increase) decrease in inventories, net                                                 |   |   | 18,452 |   |   |   | 23,680 |   |   |   | (2,309,428 | ) |
|     (Increase) decrease in prepaid expenses                                                 |   |   | 11,776 |   |   |   | (25,498 | ) |   |   | (49,339 | ) |
|     (Increase) decrease in other assets                                                     |   |   | - |   |   |   | - |   |   |   | (306,618 | ) |
|     Increase (decrease) in accounts payable and                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|           accrued expenses                                         |   |   | 960,397 |   |   |   | (356,644 | ) |   |   | 2,763,407 |   |
|     Increase (decrease) in other current liabilities                                        |   |   | 14,449 |   |   |   | 2,000 |   |   |   | 112,563 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|         Total adjustments                                               |   |   | 3,425,816 |   |   |   | 2,185,805 |   |   |   | 35,099,925 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|         Net cash used for operating activities                          |   |   | (2,451,709 | ) |   |   | (2,785,910 | ) |   |   | (75,810,722 | ) |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
|      Proceeds from sale of property & equipment                                    |   |   | - |   |   |   | - |   |   |   | 4,390,015 |   |
|      Prototype equipment                                                               |   |   | - |   |   |   | - |   |   |   | (2,799,031 | ) |
|      Capital expenditures                                                              |   |   | - |   |   |   | - |   |   |   | (4,779,405 | ) |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|         Net cash used for investing activities                          |   |   | - |   |   |   | - |   |   |   | (3,188,421 | ) |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
|      Repayment of capital lease obligation                                             |   |   | - |   |   |   | - |   |   |   | (50,289 | ) |
|      Proceeds from convertible debenture                                               |   |   | - |   |   |   | - |   |   |   | 4,040,000 |   |
|      Proceeds from loan payable                                                        |   |   | 1,201,171 |   |   |   | 1,241,794 |   |   |   | 5,037,994 |   |
|      (Repayment) of loan payable                                                       |   |   | (19,171 | ) |   |   | (141,794 | ) |   |   | (160,964 | ) |
|      Proceeds from issuance of preferred stock                                         |   |   | - |   |   |   | 350,000 |   |   |   | 18,389,500 |   |
|      Proceeds from exercise of stock options                                           |   |   | - |   |   |   | - |   |   |   | 903,989 |   |
|      Net proceeds from issuance of common stock                                        |   |   | 1,385,000 |   |   |   | 1,397,219 |   |   |   | 51,028,048 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|        Net cash provided by financing activities                             |   |   | 2,567,000 |   |   |   | 2,847,219 |   |   |   | 79,188,278 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                                            |   |   | 115,291 |   |   |   | 61,309 |   |   |   | 189,135 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at beginning of period                                                                |   |   | 73,844 |   |   |   | 12,535 |   |   |   | - |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at end of period                                                                      |   | $ | 189,135 |   |   | $ | 73,844 |   |   | $ | 189,135 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| * The numbers presented from inception December 10, 1993 to June 30, 2005 are unaudited by our current auditor. |   |
|                                                                                                            |   |   |   |   |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes to the financial statements.                                                             |   |

----

10-K/A Financial Table of Contents

| IMAGING DIAGNOSTIC SYSTEMS, INC.                                                                                |   |
|-----------------------------------------------------------------------------------------------------------------|--------|
| (A Development Stage Company)                                                                                   |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |
| Statement of Cash Flows (Continued)                                                                             |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |
|                                                                                                            |   |   |   |   |   |   |   | From Inception |   |
|                                                                                                            |   |   |   |   |   |   |   | (December 10, |   |
|                                                                                                            |   | Year Ended |   |   | Year Ended |   |   | 1993) to |   |
|                                                                                                            |   | June 30, 2011 |   |   | June 30, 2010 |   |   | June 30, 2011 |   |
| Supplemental disclosures of cash                                                                                |   |   |   |   |   |   |   |   | Unaudited * |   |
|   flow information:                                                                                   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| Cash paid for interest                                                                                          |   | $ | - |   |   | $ | - |   |   | $ | 215,962 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Supplemental disclosures of noncash                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|   investing and financing activities:                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance of common stock and options                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|   in exchange for services                                                                            |   | $ | - |   |   | $ | 11,250 |   |   | $ | 6,317,600 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance of common stock as loan fees in                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|   connection with loans to the Company                                                                |   | $ | - |   |   | $ | - |   |   | $ | 293,694 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance of common stock as collateral in                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|   connection with loans to the Company                                                                |   | $ | - |   |   | $ | 1,150,000 |   |   | $ | 1,150,000 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance of common stock as additional consideration                                                            |   |   |   |   |   |   |   |   |   |
|   in connection with loans to the Company                                                             |   | $ | - |   |   | $ | 465,500 |   |   | $ | 465,500 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance of common stock as satisfaction of                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
|   loans payable and accrued interest                                                                  |   | $ | 112,674 |   |   | $ | - |   |   | $ | 3,511,639 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance of common stock as satisfaction of                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
|   certain accounts payable                                                                            |   | $ | - |   |   | $ | 2,250 |   |   | $ | 260,142 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance of common stock in                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
|   exchange for property and equipment                                                                 |   | $ | - |   |   | $ | - |   |   | $ | 89,650 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance of common stock and other current liability                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|   in exchange for patent liceensing agreement                                                         |   | $ | - |   |   | $ | - |   |   | $ | 581,000 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance of common stock through                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
|   exercise of incentive stock options                                                                 |   | $ | - |   |   | $ | - |   |   | $ | 3,117,702 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance of common stock as                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
|   payment for preferred stock dividends                                                               |   | $ | - |   |   | $ | - |   |   | $ | 507,645 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Acquisition of property and equipment                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
|   through the issuance of a capital                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
|   lease payable                                                                                       |   | $ | - |   |   | $ | - |   |   | $ | 50,289 |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| * The numbers presented from inception December 10, 1993 to June 30, 2005 are unaudited by our current auditor. |   |
|                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes to the financial statements.                                                             |   |

----

10-K/A Financial Table of Contents

IMAGIN

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

|                    | Year Ended    | Year Ended    |
|-------------------------|---------------|---------------|
|                    | June 30, 2011 | June 30, 2010 |
| Volatility              | 173.73%       | 173.16%       |
| Risk Free Interest Rate | 5%            | 5%            |
| Expected Term           | 8 yrs         | 8 yrs         |

----

10-K/A Financial Table of Contents

| · | A significant adverse change in legal factors or in the business climate                                    |
|--------|-------------------------------------------------------------------------------------------------------------|
| · | An adverse action or assessment by a regulator                                                              |
| · | Unanticipated competition                                                                                   |
| · | Loss of key personnel                                                                                       |
| · | An expectation that all or a significant portion of a deporting unit will be sold or otherwise disposed of. |

----

10-K/A Financial Table of Contents

|   | (n) Warranty Reserve |
|--------|----------------------|

|   | The Company established a warranty reserve effective for the fiscal year ending June 30, 2005.  The table below reflects the Warranty Reserve established for the last three fiscal years.  Although the Company tests its product in accordance with its quality programs and processes, its warranty obligation is affected by product failure rates and service delivery costs incurred in correcting a product failure. Should actual product failure rates or service costs differ from the Company’s estimates, which are based on limited historical data, where applicable, revisions to the estimated warranty liability would be required. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|             |   | Year Ended    |   |   | Year Ended    |   |
|------------------|--------|---------------|--------|--------|---------------|--------|
|             |   | June 30, 2011 |   |   | June 30, 2010 |   |
| Warranty Reserve |   | $             | 3,013  |   |          | $      | 3,244 |   |

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

|   | (s) Reclassifications |
|--------|-----------------------|

----

10-K/A Financial Table of Contents

|                                                                    |   | June 30, |     |
|-------------------------------------------------------------------------|--------|----------|----------|
|                                                                    |   | 2011     |     |   | 2010 |   |
| Raw materials consisting of purchased parts, components and supplies    |   | $        | 508,176  |   |   | $ | 513,556 |   |
| Work-in process including units undergoing final inspection and testing |   |     | 28,943   |   |   |   | 28,943 |   |
| Finished goods                                                          |   |     | 184,443  |   |   |   | 292,611 |   |
|                                                                    |   |     |     |   |   |   |   |   |
| Sub-Total Inventories                                                   |   | $        | 721,562  |   |   | $ | 835,110 |   |
|                                                                    |   |     |     |   |   |   |   |   |
|      Less Inventory Reserve                    |   |     | (399,000 | ) |   |   | (399,000 | ) |
|                                                                    |   |     |     |   |   |   |   |   |
| Total Inventory - Net                                                   |   | $        | 332,562  |   |   | $ | 436,110 |   |

----

10-K/A Financial Table of Contents

|                                             |   | June 30, |       |
|--------------------------------------------------|--------|----------|------------|
|                                             |   | 2011     |       |   | 2010 |   |
| Furniture and fixtures                           |   | $        | 257,565    |   |   | $ | 257,565 |   |
| Building and land (See Note 8)                   |   |     | -          |   |   |   | - |   |
| Computers, equipment and software                |   |     | 426,873    |   |   |   | 426,873 |   |
| CTLM® software costs                        |   |     | 352,932    |   |   |   | 352,932 |   |
| Trade show equipment                             |   |     | 298,400    |   |   |   | 298,400 |   |
| Clinical equipment                               |   |     | 447,462    |   |   |   | 440,937 |   |
| Laboratory equipment                             |   |     | 212,560    |   |   |   | 212,560 |   |
|                                             |   |     |       |   |   |   |   |   |
| Total Property & Equipment                   |   |     | 1,995,792  |   |   |   | 1,989,267 |   |
|    Less: accumulated depreciation |   |     | (1,834,079 | ) |   |   | (1,767,504 | ) |
|                                             |   |     |       |   |   |   |   |   |
| Total Property & Equipment - Net             |   | $        | 161,713    |   |   | $ | 221,763 |   |

|   | Furniture, fixtures, clinical, computers, laboratory  |                |
|--------|-------------------------------------------------------|---------------------|
|   |     equipment and trade show equipment | 5-7 years           |
|   | Building                                              |  40 years      |
|   | CTLM® software costs                             |   5 years |

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

|                                                                 |   | June 30, |    |
|----------------------------------------------------------------------|--------|----------|---------|
|                                                                 |   | 2011     |    |   | 2010 |   |
|                                                                 |   |     |    |   |   |   |
| Patent license agreement, net of accumulated                         |   |     |    |   |   |   |
|    amortization of $444,294 and $410,118 respectively |   | $        | 136,706 |   |   | $ | 170,882 |   |
|                                                                 |   |     |    |   |   |   |   |   |
| Totals                                                               |   | $        | 136,706 |   |   | $ | 170,882 |   |

|                                               |   | June 30, |      |
|----------------------------------------------------|--------|----------|-----------|
|                                               |   | 2011     |      |   | 2010 |   |
|                                               |   |     |      |   |   |   |
| Accounts payable - trade                           |   | $        | 877,449   |   |   | $ | 894,432 |   |
| Accrued tangible personal property taxes payable   |   |     | 6,000     |   |   |   | 6,000 |   |
| Accrued compensated absences                       |   |     | 53,063    |   |   |   | 47,529 |   |
| Accrued wages payable, payroll taxes and penalties |   |     | 1,287,800 |   |   |   | 498,424 |   |
| Other accrued expenses                             |   |     | 261,823   |   |   |   | 92,363 |   |
|                                               |   |     |      |   |   |   |   |   |
| Totals                                             |   | $        | 2,486,135 |   |   | $ | 1,538,748 |   |

----

10-K/A Financial Table of Contents

|              |   | June 30, |    |
|-------------------|--------|----------|---------|
|              |   | 2011     |    |   | 2010 |   |
|              |   |     |    |   |   |   |
| Customer deposits |   | $        | 112,563 |   |   | $ | 98,114 |   |
|              |   |     |    |   |   |   |   |   |
| Total             |   | $        | 112,563 |   |   | $ | 98,114 |   |

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

| §   | $300,000 paid to Borrower within 2 business days of execution and closing of the agreement. |
|--------------------|---------------------------------------------------------------------------------------------|

| §   | $100,000 paid to Borrower within 5 business days of filing of Definitive Proxy to increase authorized shares to 2,000,000,000 or more. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------|

| §   | $100,000 paid to Borrower within 5 business days of effective increase in authorized shares to 2,000,000,000 or more. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------|

| §   | $100,000 paid to Borrower within 5 business days of filing of registration statement, and that registration statement must be filed no later than 10 days from the effective increase of authorized shares. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | $400,000 paid to Borrower within 5 business days of notice of effective registration statement, and that registration statement must be effective no later than 120 days from the execution of the agreement. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | $300,000 paid to Borrower within 90 business days of notice of effective registration statement, and that registration statement must be effective no later than 120 days from the execution of the agreement. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | $300,000 paid to Borrower within 150 business days of notice of effective registration statement, and that registration statement must be effective no later than 120 days from the execution of the agreement. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | At the time of each payment interval, the Conversion Price calculation on Borrower’s common stock must yield a Conversion Price equal to or greater than $0.015 per share (based on the Conversion Price calculation, regardless of whether a conversion is actually completed or not). |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | At the time of each payment interval, the total dollar trading volume of Borrower’s common stock for the previous 23 trading days must be equal to or greater than $1,000,000.  The total dollar volume will be calculated by removing the three highest dollar volume days and summing the dollar volume for the remaining 20 trading days. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | At the time of each payment interval, there shall not exist an event of default as described within any of the agreements between Borrower and Holder. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

|                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |
|---------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|--------|
|                      |   | Total  |    |   | 2012   |   |    | 2013   |   |   | 2014    |   |   | 2015   |   |
| Capital Lease Obligations |   | $      | 3,394   |   |   | $      | 3,394   |   |   | $      | -       |   |   | $      | -      |   |   | $ | - |   |
|                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Operating Lease –   |   | $      | 292,564 |   |   | $      | 137,773 |   |   | $      | 143,273 |   |   | $      | 11,518 |   |   | $ | - |   |
| Fort Lauderdale Business  |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Plaza Associates(i)       |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
|                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Additional Space(ii)      |   | $      | 122,273 |   |   | $      | 47,700  |   |   | $      | 59,243  |   |   | $      | 15,329 |   |   |   |   |   |

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

|   | 1.  Forgiveness of approximately $725,795 of accrued interest (dividends) in connection with the Series B Convertible Preferred stock.  The Company recorded the forgiveness of the accrued interest (dividends) by reducing the accrual along with a reduction in the accumulated deficit. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.  Settlement of all litigation concerning the Series B Convertible Preferred stock. |
|--------|-------------------------------------------------------------------------------------------------|

|   | 3.  Cancellation of 112,500 warrants that were issued with the Series B Convertible Preferred stock. |
|--------|----------------------------------------------------------------------------------------------------------------|

|   | 4.  A limitation on the owner(s) of the Series B Convertible Preferred stock to ownership of not more than 4.99% of the Company’s outstanding common stock at any one time. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

| IMAGING DIAGNOSTIC SYSTEMS, INC.                                                                                                                        |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| (a Development Stage Company)                                                                                                                           |   |
|                                                                                                                                                    |   |
| Notes to Financial Statements (Continued)                                                                                                               |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (19) COVERTIBLE PREFERRED STOCK (Continued)                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    |   | Series A |   |   | Series B |   |   | Series C |   |   | Series D |   |   | Series E |   |   | Series F |   |   | Series H |   |   | Series I |   |   | Series K |   |   | Series L |   |   | Total |   |
|                                                                                                                                                    |   | Shares |   |   | Amount |   |   | Shares |   |   | Amount |   |   | Shares |   |   | Amount |   |   | Shares |   |   | Amount |   |   | Shares |   |   | Amount |   |   | Shares |   |   | Amount |   |   | Shares |   |   | Amount |   |   | Shares |   |   | Amount |   |   | Shares |   |   | Amount |   |   | Shares |   |   | Amount |   |   | Shares |   |   | Amount |   |
| Balance at June 30, 1995                                                                                                                                |   |   | - |   |   | $ | - |   |   |   | - |   |   | $ | - |   |   |   | - |   |   | $ | - |   |   |   | - |   |   | $ | - |   |   |   | - |   |   | $ | - |   |   |   | - |   |   | $ | - |   |   |   | - |   |   | $ | - |   |   |   | - |   |   | $ | - |   |   |   | - |   |   | $ | - |   |   |   | - |   |   | $ | - |   |   |   | - |   |   | $ | - |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sale of Series A                                                                                                                                        |   |   | 4,000 |   |   |   | 3,600,000 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 4,000 |   |   |   | 3,600,000 |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series A conversion                                                                                                                                     |   |   | (1,600 | ) |   |   | (1,440,000 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (1,600 | ) |   |   | (1,440,000 | ) |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 1996                                                                                                                                |   |   | 2,400 |   |   |   | 2,160,000 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 2,400 |   |   |   | 2,160,000 |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sale of Series B                                                                                                                                        |   |   |   |   |   |   |   |   |   |   | 450 |   |   |   | 4,500,000 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 450 |   |   |   | 4,500,000 |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series A conversion                                                                                                                                     |   |   | (2,400 | ) |   |   | (2,160,000 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (2,400 | ) |   |   | (2,160,000 | ) |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 1997                                                                                                                                |   |   | - |   |   |   | - |   |   |   | 450 |   |   |   | 4,500,000 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 450 |   |   |   | 4,500,000 |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sale of preferred stock                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    (Series C - H)                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 210 |   |   |   | 2,100,000 |   |   |   | 54 |   |   |   | 540,000 |   |   |   | 54 |   |   |   | 540,000 |   |   |   | 75 |   |   |   | 750,000 |   |   |   | 108 |   |   |   | 1,080,000 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 501 |   |   |   | 5,010,000 |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion of preferred stock                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (210 | ) |   |   | (2,100,000 | ) |   |   | (25 | ) |   |   | (250,000 | ) |   |   | (30 | ) |   |   | (300,000 | ) |   |   | (75 | ) |   |   | (750,000 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (340 | ) |   |   | (3,400,000 | ) |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 1998                                                                                                                                |   |   | - |   |   |   | - |   |   |   | 450 |   |   |   | 4,500,000 |   |   |   | - |   |   |   | - |   |   |   | 29 |   |   |   | 290,000 |   |   |   | 24 |   |   |   | 240,000 |   |   |   | - |   |   |   | - |   |   |   | 108 |   |   |   | 1,080,000 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 611 |   |   |   | 6,110,000 |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sale of Series I                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 138 |   |   |   | 1,380,000 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 138 |   |   |   | 1,380,000 |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion of preferred stock                                                                                                                           |   |   |   |   |   |   |   |   |   |   | (60 | ) |   |   | (600,000 | ) |   |   |   |   |   |   |   |   |   |   | (29 | ) |   |   | (290,000 | ) |   |   | (24 | ) |   |   | (240,000 | ) |   |   |   |   |   |   |   |   |   |   | (40 | ) |   |   | (400,000 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (153 | ) |   |   | (1,530,000 | ) |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 1999                                                                                                                                |   |   | - |   |   |   | - |   |   |   | 390 |   |   |   | 3,900,000 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 68 |   |   |   | 680,000 |   |   |   | 138 |   |   |   | 1,380,000 |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   |   |   |   |   | 596 |   |   |   | 5,960,000 |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion of preferred stock, net                                                                                                                      |   |   |   |   |   |   |   |   |   |   | (390 | ) |   |   | (3,900,000 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (68 | ) |   |   | (680,000 | ) |   |   | (138 | ) |   |   | (1,380,000 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (596 | ) |   |   | (5,960,000 | ) |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 2000                                                                                                                                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   |   |   |   |   | - |   |   |   | - |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sale of Series K                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 50 |   |   |   | 5,000,000 |   |   |   |   |   |   |   |   |   |   |   | 50 |   |   |   | 5,000,000 |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion of preferred stock                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (50 | ) |   |   | (5,000,000 | ) |   |   |   |   |   |   |   |   |   |   | (50 | ) |   |   | (5,000,000 | ) |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 2001                                                                                                                                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   |   |   |   |   | - |   |   |   | - |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sale of Series L(1)                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 35 |   |   |   | 350,000 |   |   |   | 35 |   |   | $ | 350,000 |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion of preferred stock                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 2010                                                                                                                                |   |   | - |   |   | $ | - |   |   |   | - |   |   | $ | - |   |   |   | - |   |   | $ | - |   |   |   | - |   |   | $ | - |   |   |   | - |   |   | $ | - |   |   |   | - |   |   | $ | - |   |   |   | - |   |   | $ | - |   |   |   | - |   |   | $ | - |   |   |   |   |   |   | $ | - |   |   |   | 35 |   |   |   | 350,000 |   |   |   | 35 |   |   | $ | 350,000 |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion of preferred stock                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (15) |   |   |   | (150,000) |   |   |   | (15) |   |   |   | (150,000) |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 2011                                                                                                                           |   |   |  - |   |   |   | - |   |   |   | -  |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | - |   |   |   | 20  |   |   |   | 200,000 |   |   |   | 20  |   |   |   | 200,000  |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Additional information:                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Discount off market price                                                                                                                               |   |   |   |   |   |   | 25 | % |   |   |   |   |   |   | 18 | % |   |   |   |   |   |   | 25 | % |   |   |   |   |   |   | 25 | % |   |   |   |   |   |   | 25 | % |   |   |   |   |   |   | 30 | % |   |   |   |   |   |   | 25 | % |   |   |   |   |   |   | 25 | % |   |   |   |   |   |   | 12.5 | % |   |   |   |   |   |   | 58.63 | % |   |   |   |   |   |   |   |   |
| Fair market value-issue rate                                                                                                                            |   |   |   |   |   | $ | 8.31 |   |   |   |   |   |   | $ | 3.25 |   |   |   |   |   |   | $ | 1.63 |   |   |   |   |   |   | $ | 0.99 |   |   |   |   |   |   | $ | 1.07 |   |   |   |   |   |   | $ | 1.24 |   |   |   |   |   |   | $ | 0.57 |   |   |   |   |   |   | $ | 0.38 |   |   |   |   |   |   | $ | 1.13 |   |   |   |   |   |   | $ | 0.0211 |   |   |   |   |   |   |   |   |   |
| Deemed preferred stock dividend                                                                                                                         |   |   |   |   |   | $ | 1,335,474 |   |   |   |   |   |   | $ | 998,120 |   |   |   |   |   |   | $ | 705,738 |   |   |   |   |   |   | $ | 182,433 |   |   |   |   |   |   | $ | 182,250 |   |   |   |   |   |   | $ | 318,966 |   |   |   |   |   |   | $ | 351,628 |   |   |   |   |   |   | $ | 492,857 |   |   |   |   |   |   | $ | 708,130 |   |   |   |   |   |   | $ | 10,875 |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (Continued) |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)The Series L Convertible Preferred Stock was initially issued as collateral for a short-term loan and was converted by the holder on March 31, 2010. |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

10-K/A Financial Table of Contents

|                                        |              | Series L Convertible |              |
|---------------------------------------------|-------------------|----------------------|-------------------|
| Range of Input Variables                    | JMJ Notes         | Preferred Stock      | Southridge Notes  |
| Stock price                                 | $.015 to $.026    | $.015 to $.03        | $.015 to $.037    |
| Exercise Price                              | $.011 to $.0185   | $.02                 | $.01              |
| Expected Term                               | 2.67 to 3 years   | .17 to 1.5 years     | .08 to .38 years  |
| Volatility                                  | 174.8% to 261.98% | 147.19% to 192.97%   | 24.61 % to 46.18% |
| Discount rate – Bond Equivalent Yield | .03% to .012%     | .03% to .12%         | .02% to .03%      |

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

|                         | Incentive Stock Options                                                   |                                          | Non Statutory Stock Options |
|------------------------------|---------------------------------------------------------------------------|-----------------------------------------------|-----------------------------|
|                         | Shares                                                                    | Wtd. Avg.  Price                    |                        | Shares | Wtd. Avg.  Price |
|                         |                                                                      |                                          |                        |   |   |
| Outstanding at June 30, 1994 |        -0-                             |                                          |                        |        -0- |   |
|    Granted    |         75,000                    |     $ 1.40                |                        |    1,500,000 | $ 1.12 |
|    Exercised  |             - |                                          |                        |             - |   |
|                         |                                                                      |                                          |                        |   |   |
| Outstanding at June 30, 1995 |         75,000                    |       1.40      |                        |    1,500,000 |    1.12 |
|    Granted    |       770,309                               |       1.66      |                        |       750,000 |    1.44 |
|    Exercised  |      (164,956)                                   |        .92 |                        |   (1,800,000) |    1.50 |
|                         |                                                                      |                                          |                        |   |   |
| Outstanding at June 30, 1996 |       680,353                               |       1.81      |                        |       450,000 |      .13 |
|    Granted    |       371,377                               |       3.27      |                        |       750,000 |    3.88 |
|    Exercised  |      (395,384)                                   |       1.10      |                        |             - |   |
|                         |                                                                      |                                          |                        |   |   |
| Outstanding at June 30, 1997 |       656,346                               |       3.07      |                        |    1,200,000 |    2.47 |
|    Granted    |       220,755                               |       1.95      |                        |       750,000 |    2.75 |
|    Exercised  |             - |                                          |                        |        (65,712) |      .35 |
|    Canceled   |      (175,205)                                   |       4.25      |                        |             -       |   |
|                         |                                                                      |                                          |                        |   |   |
| Outstanding at June 30, 1998 |       701,896                               |  2.42                                    |                        |   1,884,288 |     2.66 |
|    Granted    |       786,635                               |    .48                         |                        |      750,000 |     .43 |
|    Exercised  |             - |                                          |                        |      (65,612) |     .35 |
|    Canceled   |        (82,500)                        |  3.37                                    |                        |           - |   |
|                         |                                                                      |                                          |                        |   |   |
| Outstanding at June 30, 1999 |    1,406,031                                               |    .53 **                      |                        |   2,568,676 |    2.24 |
|    Granted    |    3,139,459                                               |    .34                         |                        |            - |   |
|    Exercised  |      (770,702)                                   |    .37                         |                        |     (318,676) |    .35 |
|    Canceled   |        (64,334)                        |    .47                         |                        |            - |   |
|                         |                                                                      |                                          |                        |   |   |
| Outstanding at June 30, 2000 |    3,710,454                                               |    .42                         |                        |   2,250,000 |  2.35 |
|    Granted    |    1,915,700                                               |  2.59                                    |                        |            - |   |
|    Exercised  |   (3,030,964)                                                   |    .32                         |                        |     (750,000) |    .31 |
|    Canceled   |      (279,982)                                   |    .60                         |                        |  (1,500,000) |  2.75 |
|                         |                                                                      |                                          |                        |   |   |
| Outstanding at June 30, 2001 |    2,315,208                                               |  2.38                                    |                        |            - |   |
|    Granted    |    6,839,864                                               |    .68                         |                        |            - |   |
|    Exercised  |             - |                                          |                        |            - |   |
|    Canceled   |   (2,695,482)                                                   | 1.17                                          |                        |            - |   |
|                         |                                                                      |                                          |                        |   |   |
| Outstanding at June 30, 2002 |    6,459,590                                               |    .85                         |                        |            - |   |
|    Granted    |    1,459,705                                               |    .38                         |                        |            - |   |
|    Exercised  |             - |                                          |                        |            - |   |
|    Canceled   |       (56,788)                              |    .74                         |                        |            - |   |
|                         |                                                                      |                                          |                        |   |   |
| Outstanding at June 30, 2003 |   7,862,507                                                     |    .76                         |                        |            - |   |
|    Granted    |   1,576,620                                                     |  1.12                                    |                        |        31,748 |    .69 |
|    Exercised  |    (517,769)                                               |    .44                         |                        |            - |   |
|    Canceled   |      (97,525)                                    |    .78                         |                        |            - |   |
|                         |                                                                      |                                          |                        |   |   |
|                         |                                                                      |                                          |                        |   |   |

----

10-K/A Financial Table of Contents

| Outstanding at June 30, 2004       |    8,823,833                                              |  .84             |   |         31,748                               |  .69         |
|------------------------------------|---------------------------------------------------------------------|-----------------------|--------|---------------------------------------------------------------------------------|------------------------|
|     Granted         |            -      |                  |   |    4,253,159                                                          | .34                    |
|     Exercised       |       (13,264)                             |  .26             |   |             -            |                   |
|     Canceled        |     (142,891)                                        |  .68             |   |             -            |                   |
|                               |                                                                |                  |   |                                                                            |                   |
| Outstanding at June 30, 2005       |   8,667,678                                               |    .98 |   |   4,284,907                                                           |    .34  |
|    Granted          |            - |                  |   |      532,855                                           |    .18  |
|    Exercised        |            - |                  |   |            -             |                   |
|    Canceled         |    (254,277)                                         |    .74 |   |      (23,100)                                          |    .26  |
|                               |                                                                |                  |   |                                                                            |                   |
| Outstanding at June 30, 2006  |    8,413,401                                         |  .96             |   |   4,794,662                                                                |   .32        |
|    Granted          |            -      |                  |   |   3,927,437                                                                |   .10        |
|    Exercised        |            - |                  |   |            -             |                   |
|    Canceled         |       (4,804)                         |    .70 |   |     (131,684)                                               |    .16  |
|                               |                                                                |                  |   |                                                                            |                   |
| Outstanding at June 30, 2007       |     8,408,597                                   |   .96       |   |     8,590,415                                               |    .22  |
|    Granted          |            - |                  |   |     2,336,526                                               |    .05  |
|    Exercised        |            - |                  |   |              - |                   |
|    Canceled         |        (29,750)                  |   .60       |   |    (2,707,852)                                                   |    .14  |
|                               |                                                                |                  |   |                                                                            |                   |
| Outstanding at June 30, 2008       |     8,378,847                                   |   .90       |   |     8,219,089                                               |    .20  |
|    Granted          |            - |                  |   |     7,123,300                                               |    .01  |
|    Exercised        |            - |                  |   |              - |                   |
|    Canceled         |   (1,094,655)                                             |   .60       |   |      (495,846)                                         |    .18  |
|                               |                                                                |                  |   |                                                                            |                   |
| Outstanding at June 30, 2009       |     7,284,152                                   |   .95       |   |   14,846,543                                                          |   .20        |
|    Granted          |            - |                  |   |   18,600,000                                                          |    .05  |
|    Exercised        |            - |                  |   |              - |                   |
|    Canceled         |      (230,913)                             |   .79       |   |      (203,769)                                         |    .08  |
|                               |                                                                |                  |   |                                                                            |                   |
| Outstanding at June 30, 2010       |     7,053,239                                   |  1.02            |   |   33,242,774                                                          |   .08        |
|    Granted               |            -      |                  |   |     2,200,000                                                    |    .02  |
|    Exercised             |            -      |                  |   |              -      |                   |
|    Canceled              |   (1,480,689)                                             |  2.11            |   |   (4,115,319)                                                              |  .27              |
|                               |                                                                |                  |   |                                                                            |                   |
| Outstanding at June 30, 2011  |    5,572,550                                         |   .73            |   |   31,327,455                                                               |   .05             |

| ** On June 25, 1999, the exercise price of 502,225 outstanding incentive stock options was restated to $.60 per share.  The Company has recorded compensation of $330,569 during the fiscal year ended June 30, 1999 as a result of this re-pricing, in accordance with the guidance provided by ASC 718. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Director Plan: |
|----------------|

|                         | Incentive Stock Options                                       |                  | Non Statutory Stock Options |
|------------------------------|---------------------------------------------------------------|-----------------------|-----------------------------|
|                         | Shares                                                        | Wtd. Avg. Price       |                        | Shares | Wtd. Avg.  Price |
|                         |                                                          |                  |                        |   |   |
| Outstanding at June 30, 2000 |          -0-     |                  |                        |           - |   |
|    Granted    |      150,000                         |   $.65      |                        |           - |   |
|    Exercised  |           - |                  |                        |           - |   |
|    Canceled   |           - |                  |                        |           - |   |
|                         |                                                          |                  |                        |   |   |
| Outstanding at June 30, 2001 |      150,000                         |    .65 |                        |           - |   |
|    Granted    |      300,000                         |    .55 |                        |           - |   |
|    Exercised  |           - |                  |                        |           - |   |
|    Canceled   |           - |                  |                        |           - |   |
|                         |                                                          |                  |                        |   |   |

----

10-K/A Financial Table of Contents

| IMAGING DIAGNOSTIC SYSTEMS, INC. |
|----------------------------------|

| Director Plan (Continued) |
|---------------------------|

| Outstanding at June 30, 2002       |      450,000                               | .58                   |   |              -           |                  |
|------------------------------------|---------------------------------------------------------------------|-----------------------|--------|---------------------------------------------------------------------------------|-----------------------|
|     Granted         |      400,000                                    |  .18        |   |              - |                  |
|     Exercised       |            -      |                  |   |              -      |                  |
|     Canceled        |            -      |                  |   |              -           |                  |
|                               |                                                                |                  |   |                                                                            |                  |
| Outstanding at June 30, 2003       |      850,000                               |    .40 |   |              - |                  |
|    Granted          |      100,000                               |  1.07            |   |        700,000                               |    .76 |
|    Exercised        |    (450,000)                                         |    .58 |   |              - |                  |
|    Canceled         |           -       |                  |   |              - |                  |
|                               |                                                                |                  |   |                                                                            |                  |
| Outstanding at June 30, 2004       |      500,000                               |    .39 |   |        700,000                               |    .76 |
|    Granted          |            - |                  |   |        800,000                               |    .35 |
|    Exercised        |            - |                  |   |              - |                  |
|    Canceled         |            - |                  |   |              - |                  |
|                               |                                                                |                  |   |                                                                            |                  |
| Outstanding at June 30, 2005       |      500,000                               |    .39 |   |     1,500,000                                               |    .54 |
|    Granted          |            - |                  |   |        800,000                               |    .14 |
|    Exercised        |            - |                  |   |              - |                  |
|    Canceled         |            - |                  |   |              - |                  |
|                               |                                                                |                  |   |                                                                            |                  |
| Outstanding at June 30, 2006       |      500,000                               |    .39 |   |     2,300,000                                               |    .40 |
|    Granted          |            - |                  |   |        800,000                               |    .08 |
|    Exercised        |            - |                  |   |              - |                  |
|    Canceled         |            - |                  |   |              - |                  |
|                               |                                                                |                  |   |                                                                            |                  |
| Outstanding at June 30, 2007       |      500,000                               |    .39 |   |     3,100,000                                               |    .32 |
|    Granted          |            - |                  |   |        600,000                               |    .05 |
|    Exercised        |            - |                  |   |              - |                  |
|    Canceled         |            - |                  |   |              - |                  |
|                               |                                                                |                  |   |                                                                            |                  |
| Outstanding at June 30, 2008       |      500,000                               |    .39 |   |     3,700,000                                               |    .27 |
|    Granted          |            - |                  |   |            -             |                  |
|    Exercised        |            - |                  |   |            -             |                  |
|    Canceled         |            - |                  |   |            -             |                  |
|                               |                                                                |                  |   |                                                                            |                  |
| Outstanding at June 30, 2009       |      500,000                               |    .39 |   |     3,700,000                                               |    .27 |
|    Granted          |            - |                  |   |            -             |                  |
|    Exercised        |            - |                  |   |            -             |                  |
|    Canceled         |            - |                  |   |            -             |                  |
|                               |                                                                |                  |   |                                                                            |                  |
| Outstanding at June 30, 2010       |      500,000                               |    .39 |   |     3,700,000                                               |    .27 |
|    Granted          |            -      |                  |   |            -             |                  |
|    Exercised             |            - |                  |   |            -                  |                  |
|    Canceled         |    (500,000)                                              |  .39             |   |    (3,700,000)                                                        |  .27             |
|                               |                                                                |                  |   |                                                                            |                  |
| Outstanding at June 30, 2011  |            -      |                  |   |            -                  |                  |

----

10-K/A Financial Table of Contents

| IMAGING DIAGNOSTIC SYSTEMS, INC. |
|----------------------------------|

|                   | June 30, 2011                                                                                |   | June 30, 2010                                     |
|------------------------|----------------------------------------------------------------------------------------------|--------|---------------------------------------------------|
| Employee ISO           |     5,572,550                                                            |   |     7,053,239                 |
| Director ISO           |           -       |   |        500,000 |
| Employee Non-Statutory |   28,906,923                                                                       |   |     23,442,789                |
| Director Non-Statutory |     -                                      |   |     3,700,000                 |
|                   |                                                                                         |   |                                              |
| Total                  |   34,479,473                                                                       |   |   34,696,028                            |

----

10-K/A Financial Table of Contents

| (22) | STOCK OPTIONS (Continued) |
|------|---------------------------|

----

10-K/A Financial Table of Contents

| (22) | STOCK OPTIONS (Continued) |
|------|---------------------------|

----

10-K/A Financial Table of Contents

| (22) | STOCK OPTIONS (Continued) |
|------|---------------------------|

----

10-K/A Financial Table of Contents

| (22) | STOCK OPTIONS (Continued) |
|------|---------------------------|

----

10-K/A Financial Table of Contents

| (22) | STOCK OPTIONS (Continued) |
|------|---------------------------|

|            |       |   | Outstanding options |   |       | Exercisable options |   |
|-----------------|------------|--------|---------------------|--------|------------|---------------------|--------|
|            |       |   |                |   |       | Weighted            |   |   |   |   |   |   |   |   |   |   |
|            |       |   |                |   |       | average             |   |   |   |   |   |   |   |   |   |   |
| Range of        |       |   |                |   |       | remaining           |   |   | Weighted |   |   |   |   |   | Weighted |   |
| exercise prices |       |   | Shares              |   |       | life (years)        |   |   | avg. price |   |   | Shares |   |   | avg. price |   |
| $               | .01 - 1.25 |   |                |   | 36,900,004 |                |   |   | 7.25 |   |   | $ | .15 |   |   |   | 34,479,473 |   |   | $ | .19 |   |

| (24) | FAIR VALUE OF FINANCIAL INSTRUMENTS |
|------|-------------------------------------|

----

10-K/A Financial Table of Contents

|                                 |   |                                                        |   |                                    |   |                                 |   |                |     |   |   |     |   |
|--------------------------------------|--------|-------------------------------------------------------------|--------|-----------------------------------------|--------|--------------------------------------|--------|---------------------|----------|--------|--------|----------|--------|
|                                 |   | QuotedPrices inActiveMarkets forIdenticalInstrumentsLevel 1 |   | SignificantOtherObservableInputsLevel 2 |   | SignificantUnobservableInputsLevel 3 |   | Assets atFair Value |     |
|                                 |   |                                                        |   |                                    |   |                                 |   |                |     |
| Liabilities:                         |   |                                                        |   |                                    |   |                                 |   |                |     |   |   |     |   |
| Series L Convertible Preferred Stock |   | $                                                           |   |                                    | $      |                                 |   | $                   | (200,000 | )      | $      | (200,000 | )      |
| Series L Accrued Dividend Payable    |   |                                                        |   |                                    |   |                                 |   |                | (35,864  | )      |   | (35,864  | )      |
| Derivative Liability                 |   |                                                        |   |                                    |   |                                 |   |                | (794,072 | )      |   | (794,072 | )      |

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

10-K/A Financial Table of Contents

----

Item 15.  
Exhibits

| EXHIBIT | DESCRIPTION |
|---------|-------------|

| 3.1   | Articles of Incorporation (Florida)- Incorporated by reference to Exhibit 3(a) of our Form 10-KSB for the fiscal year ending June 30, 1995.                                                                                                                                                   |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.2   | Amendment to Articles of Incorporation (Designation of Series A Convertible Preferred Shares) - Incorporated by reference to Exhibit 3.  (i). 6 of our Form 10-KSB for the fiscal year ending June 30, 1996.  File number 033-04008.                                      |
| 3.3   | Amendment to Articles of Incorporation (Designation of Series B Convertible Preferred Shares).  Incorporated by reference to our Registration Statement on Form S-1 dated July 1, 1997.                                                                                             |
| 3.4   | Amendment to Articles of Incorporation (Designation of Series C Convertible Preferred Shares).  Incorporated by reference to our Form 8-K dated October 15, 1997.                                                                                                                   |
| 3.5   | Amendment to Articles of Incorporation (Designation of Series D Convertible Preferred Shares).  Incorporated by reference to our Form 8-K dated January 12, 1998.                                                                                                                   |
| 3.6   | Amendment to Articles of Incorporation (Designation of Series E Convertible Preferred Shares).  Incorporated by reference to our Form 8-K dated February 19,1998.                                                                                                                   |
| 3.7   | Amendment to Articles of Incorporation (Designation of Series F Convertible Preferred Shares).  Incorporated by reference to our Form 8-K dated March 6, 1998.                                                                                                                      |
| 3.8   | Amendment to Articles of Incorporation (Designation of Series H Convertible Preferred Shares).  Incorporated by reference to our Registration Statement on Form S-2 File Number 333-59539.                                                                                          |
| 3.9   | Certificate of Dissolution - is incorporated by reference to Exhibit (3)(a) of our Form 10-KSB for the fiscal year ending June 30, 1995.                                                                                                                                                      |
| 3.10  | Articles of Incorporation and By- Laws (New Jersey) -are incorporated by reference to Exhibit 3 (i) of our Form 10-SB, as amended, file number 0-26028, filed on May 6, 1995 ("Form 10-SB").                                                                                                  |
| 3.11  | Certificate and Plan of Merger - is incorporated by reference to Exhibit 3(i) of the Form 10-SB.                                                                                                                                                                                              |
| 3.12  | Certificate of Amendment - is incorporated by reference to Exhibit 3(i) of the Form 10-SB.                                                                                                                                                                                                    |
| 3.13  | Amended Certificate of Amendment-Series G Designation.                                                                                                                                                                                                                                        |
| 3.14  | Certificate of Amendment-Series I Designation                                                                                                                                                                                                                                                 |
| 3.15  | Amended Certificate of Amendment-Series B Designation                                                                                                                                                                                                                                         |
| 3.16  | Certificate of Amendment-Series K Designation.  Incorporated by reference to our Form 10-KSB for the fiscal year ending June 30, 2000 filed on September 14, 2000.                                                                                                                  |
| 3.17  | Certificate of Amendment-Series L Designation.                                                                                                                                                                                                                                                |
| 10.2  | Patent Licensing Agreement.  Incorporated by reference to our Registration Statement on Form S-2, File Number 333-59539.                                                                                                                                                            |
| 10.70 | License Agreement dated as of June 16, 2006, as amended as of August 30, 2006, between Bioscan, Inc. and Imaging Diagnostic Systems, Inc.  Incorporated by reference to our Form 8-K, filed on September 5, 2006.                                                                   |
| 10.77 | 2007 Non-Statutory Stock Option Plan                                                                                                                                                                                                                                                          |
| 10.78 | Agreement of Sale by and between Imaging Diagnostic Systems, Inc. and Superfun B.V. dated September 13, 2007 including Form of Lease Agreement (Exhibit D).  Incorporated by reference to our Form 8-K filed on September 13, 2007.                                                 |
| 10.79 | Lease Agreement by and between Bright Investments, LLC (“Landlord”) and Imaging Diagnostic Systems, Inc. (“Tenant”) dated March 14, 2008.  Incorporated by reference to our Form 8-K filed on April 3, 2008.                                                |
| 10.81 | Sixth Private Equity Credit Agreement between IDSI and Charlton Avenue LLC dated April 21, 2008 without exhibits.  Incorporated by reference to our Form 8-K filed on April 22, 2008.                                                                                               |
| 10.82 | Two-Year Employment Agreement dated as of April 16, 2008 between Imaging Diagnostic Systems, Inc. and Linda B. Grable, Interim CEO.  Incorporated by reference to our Form 8-K filed on May 5, 2008.                                                                                |
| 10.83 | Stock Option Agreement dated as of April 16, 2008 between Imaging Diagnostic Systems, Inc. and Linda B. Grable, Interim CEO.  Incorporated by reference to our Form 8-K filed on May 5, 2008.                                                                                       |
| 10.84 | Business Lease Agreement by and between Ft. Lauderdale Business Plaza Associates (“Lessor”) and Imaging Diagnostic Systems, Inc. (“Lessee”) dated June 2, 2008.  Incorporated by reference to our Form 8-K filed on June 5, 2008.                           |
| 10.85 | Financial Services Agreement by and between Imaging Diagnostic Systems, Inc. (the “Company” or “IDSI”) and R.H. Barsom Company, Inc. (the “Consultant”) dated July 15, 2008.  Incorporated by reference to our Form 8-K filed on July 18, 2008. |

----

| 10.86  | Securities Purchase Agreement by and between Imaging Diagnostic Systems, Inc. (the “Company” or “IDSI”) and Whalehaven Capital Fund Limited (the “Purchaser” and collectively, the “Purchasers”) dated July 31, 2008.  Incorporated by reference to our Form 8-K filed on August 5, 2008. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.87  | Form of 8% Senior Secured Convertible Debenture, Exhibit A.  Incorporated by reference to our Form 8-K filed on August 5, 2008.                                                                                                                                                                                                           |
| 10.88  | Registration Rights Agreement, Exhibit B.  Incorporated by reference to our Form 8-K filed on August 5, 2008.                                                                                                                                                                                                                             |
| 10.89  | Common Stock Purchase Warrant, Exhibit C.  Incorporated by reference to our Form 8-K filed on August 5, 2008.                                                                                                                                                                                                                             |
| 10.90  | Form of Legal Opinion, Exhibit D.  Incorporated by reference to our Form 8-K filed on August 5, 2008.                                                                                                                                                                                                                                     |
| 10.91  | Security Agreement, Exhibit E.  Incorporated by reference to our Form 8-K filed on August 5, 2008.                                                                                                                                                                                                                                        |
| 10.92  | Amendment Agreement by and between Imaging Diagnostic Systems, Inc. (the “Company”) and Whalehaven Capital Fund Limited (“Whalehaven”, or the “Holder”) dated as of October 23, 2008.  Incorporated by reference to our Form 8-K filed on October 23, 2008.                                           |
| 10.93  | Securities Purchase Agreement by and between Imaging Diagnostic Systems, Inc. (the “Company” or “IDSI”) and Whalehaven Capital Fund Limited (the “Purchasers”) dated November 20, 2008.  Incorporated by reference to our Form 8-K filed on November 26, 2008.                                        |
| 10.94  | Form of 8% Senior Secured Convertible Debenture, Exhibit A.  Incorporated by reference to our Form 8-K filed on November 26, 2008.                                                                                                                                                                                                        |
| 10.95  | Registration Rights Agreement, Exhibit B.  Incorporated by reference to our Form 8-K filed on November 26, 2008.                                                                                                                                                                                                                          |
| 10.96  | Form of Legal Opinion, Exhibit D.  Incorporated by reference to our Form 8-K filed on November 26, 2008.                                                                                                                                                                                                                                  |
| 10.97  | Security Agreement, Exhibit E.  Incorporated by reference to our Form 8-K filed on November 26, 2008.                                                                                                                                                                                                                                     |
| 10.98  | Amendment Agreement by and among Imaging Diagnostic Systems, Inc., Whalehaven Capital Fund Limited, and Alpha Capital Anstalt dated as of December 10, 2008. Incorporated by reference to our Form 8-K filed on December 12, 2008.                                                                                                                  |
| 10.99  | Amendment Agreement by and among Imaging Diagnostic Systems, Inc., Whalehaven Capital Fund Limited, and Alpha Capital Anstalt dated as of December 31, 2008.  Incorporated by reference to our Form 8-K filed on January 5, 2009.                                                                                                         |
| 10.100 | Amendment Agreement (Revised) by and among Imaging Diagnostic Systems, Inc., Whalehaven Capital Fund Limited, and Alpha Capital Anstalt dated as of December 31, 2008.  Incorporated by reference to our Form 8-K/A filed on January 7, 2009.                                                                                             |
| 10.101 | Amendment Agreement by and among Imaging Diagnostic Systems, Inc., Whalehaven Capital Fund Limited, and Alpha Capital Anstalt dated as of March 20, 2009.  Incorporated by reference to our Form 8-K filed on March 26, 2009.                                                                                                             |
| 10.102 | One-Year Employment and Stock Option Agreement dated March 23, 2009 between Imaging Diagnostic Systems, Inc. and Linda B. Grable, Chief Executive Officer.  Incorporated by reference to our Form 8-K filed on March 27, 2009.                                                                                                            |
| 10.103 | One-Year Employment and Stock Option Agreement dated March 23, 2009 between Imaging Diagnostic Systems, Inc. and Allan L. Schwartz, Executive Vice President and Chief Financial Officer.  Incorporated by reference to our Form 8-K filed on March 27, 2009.                                                                             |
| 10.104 | Private Equity Credit Agreement between Imaging Diagnostic Systems, Inc. and Southridge Partners II LP dated November 23, 2009.  Incorporated by reference to our Form 8-K filed on November 25, 2009.                                                                                                                                    |
| 10.105 | Registration Rights Agreement between Imaging Diagnostic Systems, Inc. and Southridge Partners II LP dated November 23, 2009.  Incorporated by reference to our Form 8-K filed on November 25, 2009.                                                                                                                                      |
| 10.106 | Private Equity Credit Agreement (Amended) between Imaging Diagnostic Systems, Inc. and Southridge Partners II LP dated January 7, 2010.  Incorporated by reference to our Form S-1 filed on January 12, 2010.                                                                                                                             |
| 10.107 | Registration Rights Agreement (Amended) between Imaging Diagnostic Systems, Inc. and Southridge Partners II LP dated January 7, 2010.  Incorporated by reference to our Form S-1 filed on January 12, 2010.                                                                                                                               |

----

| 10.108 | Employment Agreement and Stock Option Agreement dated March 22, 2010, between Imaging Diagnostic Systems, Inc. and Linda B. Grable, Chief Executive Officer.  Incorporated by reference to our Form 8-K filed on March 25, 2010.                                                                             |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.109 | Employment Agreement and Stock Option Agreement dated March 22, 2010, between Imaging Diagnostic Systems, Inc. and Allan L. Schwartz, Executive Vice President and Chief Financial Officer.  Incorporated by reference to our Form 8-K filed on March 25, 2010.                                              |
| 10.110 | Employment Agreement and Stock Option Agreement dated March 22, 2010, between Imaging Diagnostic Systems, Inc. and Deborah O’Brien, Senior Vice-President.  Incorporated by reference to our Form 8-K filed on March 25, 2010.                                                                         |
| 10.111 | 2010 Non-Statutory Stock Option Plan dated March 11, 2010.  Incorporated by reference to our Form S-1 Amendment No. 1 filed on May 24, 2010.                                                                                                                                                                 |
| 10.112 | Convertible Promissory Note by and between Imaging Diagnostic Systems, Inc. (the “Company” or “Borrower”) and JMJ Financial (the “Lender or “JMJ’’) dated February 23, 2011, Exhibit A.  Incorporated by reference to our Form 8-K/A filed on March 2, 2011. |
| 10.113 | Letter Addendum to Promissory Note dated February 23, 2011, Exhibit B.  Incorporated by reference to our Form 8-K/A filed on March 2, 2011.                                                                                                                                                                  |
| 10.114 | Registration Rights Agreement dated February 23, 2011, Exhibit C.  Incorporated by reference to our Form 8-K/A filed on March 2, 2011.                                                                                                                                                                       |
| 10.115 | Patent Licensing Agreement, originally filed as Exhibit 10.2 to Form S-2 on July 21, 1998 as a text document.  Incorporated by reference to our S-1 Amendment No. 2, filed on March 15, 2011.                                                                                                                |
| 10.116 | U.S. Patent 5.692,511 issued Dec. 2, 1997, Exhibit A to Patent Licensing Agreement filed as Exhibit 10.115.  Incorporated by reference to our S-1 Amendment No. 3, filed on April 26, 2011.                                                                                                                  |
| 14.2   | Code of Conduct of Imaging Diagnostic Systems, Inc. dated November 7, 2007.                                                                                                                                                                                                                                            |
| 31.1   | Certification by Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                     |
| 31.2   | Certification by Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                     |
| 32.1   | Certification by Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                     |
| 32.2   | Certification by Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                     |

----

SIGNATURES

|   | By:    | /s/ Linda B. Grable                                                                        |
|--------|--------|--------------------------------------------------------------------------------------------|
|   |   | Linda B. Grable,  Chief Executive Officer and Chairman of the Board of Directors |

| Signatures           | Title                                  | Date              |
|----------------------|----------------------------------------|-------------------|
|                 |                                   |              |
|                 |                                   |              |
| /s/Linda B. Grable   | Chief Executive Officer                | November 29, 2011 |
| Linda B. Grable      | and Chairman of the Board of Directors |              |
|                 |                                   |              |
|                 |                                   |              |
| /s/Allan L. Schwartz | Director, Executive Vice-President,    | November 29, 2011 |
| Allan L. Schwartz    | and Chief Financial Officer            |              |
|                 | (Principal Accounting and Financial    |              |
|                 | Officer)                               |              |
|                 |                                   |              |
|                 |                                   |              |
| /s/ David Schmidt    | Director                          | November 29, 2011 |
| David Schmidt   |                                   |              |

----

----