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| x | QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
|---|------------------------------------------------------------------------------------------|

| For the quarterly period ended | JUNE 30, 2010 |
|--------------------------------|---------------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
|---|-------------------------------------------------------------------------------------------|

| Delaware                                                       | 13-4099008                        |
|----------------------------------------------------------------|-----------------------------------|
| (State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) |

| 1324 36th Avenue North EastCalgary, Alberta Canada | T2E 8S1    |
|----------------------------------------------------|------------|
| (Address of Principal Executive Offices)           | (Zip Code) |

| 3 Grant Square, #315Hinsdale, Illinois 60521(630) 230-8734 |
|------------------------------------------------------------|
| (Former address and phone number since last report)        |

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

| Class of Securities            |   | Shares Outstanding |
|--------------------------------|--------|--------------------|
| Common Stock, $0.001 par value |   | 95,000,000         |

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TABLE OF CONTENTS

| INDEX                                                                                                       | Page   |
|-------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                        |   |
| PART I  - FINANCIAL INFORMATION                                                                   |   |
|                                                                                                        |   |
| ITEM 1 - FINANCIAL STATEMENTS                                                                               | 3      |
|                                                                                                        |   |
| Consolidated Balance Sheet at June 30, 2010 (unaudited) and December 31, 2009                               | 3      |
|                                                                                                        |   |
| Consolidated Statements of Operations for the three and six months ended June 30, 2010 and 2009 (unaudited) | 4      |
|                                                                                                        |   |
| Consolidated Statements of Cash Flows for the six months ended June 30, 2010 and 2009 (unaudited)           | 5      |
|                                                                                                        |   |
| Notes to Consolidated Financial Statements (unaudited)                                                      | 6      |
|                                                                                                        |   |
| ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS        | 8      |
|                                                                                                        |   |
| ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                                         | 10     |
|                                                                                                        |   |
| ITEM 4 - CONTROLS AND PROCEDURES                                                                            | 10     |
|                                                                                                        |   |
| PART II-OTHER INFORMATION                                                                                   |   |
|                                                                                                        |   |
| ITEM 1 - LEGAL PROCEEDINGS                                                                                  | 12     |
|                                                                                                        |   |
| ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS                                        | 12     |
|                                                                                                        |   |
| ITEM 3 - DEFAULTS UPON SENIOR SECURITIES                                                                    | 12     |
|                                                                                                        |   |
| ITEM 4 – (REMOVED AND RESERVED)                                                                       | 12     |
|                                                                                                        |   |
| ITEM 5 - OTHER INFORMATION                                                                                  | 12     |
|                                                                                                        |   |
| ITEM 6 – EXHIBITS                                                                                     | 12     |

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Table of Contents

ITEM 1.  Financial Statements

IMAGIN MOLECULAR CORPORATION AND SUBSIDIARIES

| ASSETS                                                                                                                                                                                                    |   | June 30, 2010(unaudited) |       |   | December 31, 2009 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|------------|--------|-------------------|--------|
| Current assets:                                                                                                                                                                                           |   |                     |       |   |              |   |
| Cash                                                                                                                                                                                                      |   | $                        | --         |   |              | $      | 140 |   |
|                                                                                                                                                                                                      |   |                     |       |   |              |   |   |   |
| Total current assets                                                                                                                                                                                      |   |                     | --         |   |              |   | 140 |   |
|                                                                                                                                                                                                      |   |                     |       |   |              |   |   |   |
|                                                                                                                                                                                                      |   |                     |       |   |              |   |   |   |
| Other assets:                                                                                                                                                                                             |   |                     |       |   |              |   |   |   |
| Investment in securities of Positron Corporation                                                                                                                                                          |   |                     | 210,818    |   |              |   | 286,773 |   |
|                                                                                                                                                                                                      |   |                     |       |   |              |   |   |   |
| Total assets                                                                                                                                                                                              |   | $                        | 210,818    |   |              | $      | 286,913 |   |
|                                                                                                                                                                                                      |   |                     |       |   |              |   |   |   |
| LIABILITIES AND STOCKHOLDERS' DEFICIT                                                                                                                                                                     |   |                     |       |   |              |   |   |   |
| Current liabilities:                                                                                                                                                                                      |   |                     |       |   |              |   |   |   |
| Accounts payable                                                                                                                                                                                          |   | $                        | 48,238     |   |              | $      | 48,238 |   |
| Accrued expenses                                                                                                                                                                                          |   |                     | 576,499    |   |              |   | 562,836 |   |
| Due to affiliate                                                                                                                                                                                          |   |                     | 29,224     |   |              |   | 29,224 |   |
|                                                                                                                                                                                                      |   |                     |       |   |              |   |   |   |
| Total current liabilities                                                                                                                                                                                 |   |                     | 653,961    |   |              |   | 640,298 |   |
|                                                                                                                                                                                                      |   |                     |       |   |              |   |   |   |
| Majority interest in consolidated subsidiary                                                                                                                                                              |   |                     | 230,058    |   |              |   | 230,058 |   |
|                                                                                                                                                                                                      |   |                     |       |   |              |   |   |   |
| Total liabilities                                                                                                                                                                                         |   |                     | 884,019    |   |              |   | 870,356 |   |
|                                                                                                                                                                                                      |   |                     |       |   |              |   |   |   |
| Stockholders’ deficit:                                                                                                                                                                              |   |                     |       |   |              |   |   |   |
| Preferred Stock, $0.001 par value; 5,000,000 shares authorized                                                                                                                                            |   |                     | --         |   |              |   | -- |   |
| Common stock, $0.001 par value; 95,000,000 shares authorized, 95,000,000 shares issued, and 95,000,000 shares outstanding as of June 30, 2010 and 74,443,284 as of December 31, 2009. |   |                     | 95,000     |   |              |   | 74,443 |   |
| Additional paid-in capital                                                                                                                                                                                |   |                     | 4,246,184  |   |              |   | 4,112,274 |   |
| Accumulated deficit                                                                                                                                                                                       |   |                     | (5,014,385 | )      |              |   | (4,770,160 | ) |
|                                                                                                                                                                                                      |   |                     |       |   |              |   |   |   |
| Total stockholders’ deficit                                                                                                                                                                         |   |                     | (673,201   | )      |              |   | (583,443 | ) |
|                                                                                                                                                                                                      |   |                     |       |   |              |   |   |   |
| Total liabilities and stockholders’ deficit                                                                                                                                                         |   | $                        | 210,818    |   |              | $      | 286,913 |   |

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| FORM 10-Q | JUNE 30, 2010 |
|-----------|---------------|

IMAGIN MOLECULAR CORPORATION

|                                                |   | Three Months Ended  |       |   | Six Months Ended |   |
|-----------------------------------------------------|--------|---------------------|------------|--------|------------------|--------|
|                                                |   | June 30, 2010  |       |   | June 30, 2009    |   |   | June 30, 2010 |   |   | June 30, 2009 |   |
|                                                |   |                |       |   |             |   |   |   |   |   |   |   |
| Revenues:                                           |   | $                   | --         |   |             | $      | -- |   |   | $ | -- |   |   | $ | -- |   |
|                                                |   |                |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Costs of revenues:                                  |   |                | --         |   |             |   | -- |   |   |   | -- |   |   |   | 90,315 |   |
|                                                |   |                |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Gross loss                                          |   |                | --         |   |             |   | -- |   |   |   | -- |   |   |   | (90,315 | ) |
|                                                |   |                |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses:                                 |   |                |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Marketing, general and administrative               |   |                | 200,098    |   |             |   | 290,999 |   |   |   | 252,773 |   |   |   | 309,192 |   |
|                                                |   |                |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Total operating expenses                            |   |                | 200,098    |   |             |   | 290,999 |   |   |   | 252,773 |   |   |   | 309,192 |   |
|                                                |   |                |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Loss from operations                                |   |                | (200,098   | )      |             |   | (290,999 | ) |   |   | (252,773 | ) |   |   | (399,507 | ) |
|                                                |   |                |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense                                    |   |                | --         |   |             |   | (2,556 | ) |   |   | -- |   |   |   | (13,521 | ) |
| Equity in losses of  Positron Corporation |   |                | (44,127    | )      |             |   | (20,052 | ) |   |   | (75,955 | ) |   |   | (37,519 | ) |
|                                                |   |                |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Total other expense                                 |   |                | (44,127    | )      |             |   | (22,608 | ) |   |   | (75,955 | ) |   |   | (51,040 | ) |
|                                                |   |                |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Loss before income taxes                            |   |                | (244,225   | )      |             |   | (313,607 | ) |   |   | (328,728 | ) |   |   | (450,547 | ) |
|                                                |   |                |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Income taxes                                        |   |                | --         |   |             |   | -- |   |   |   | -- |   |   |   | -- |   |
|                                                |   |                |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Net loss                                            |   | $                   | (244,225   | )      |             | $      | (313,607 | ) |   | $ | (328,728 | ) |   | $ | (450,547 | ) |
|                                                |   |                |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Loss Per Share:                                     |   | $                   | (0.0027    | )      |             | $      | (0.0042 | ) |   | $ | ( 0.0042 | ) |   | $ | ( 0.0061 | ) |
|                                                |   |                |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common shares:                     |   |                | 95,000,000 |   |             |   | 73,937,570 |   |   |   | 77,685,536 |   |   |   | 73,801,185 |   |

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| FORM 10-Q | JUNE 30, 2010 |
|-----------|---------------|

IMAGIN MOLECULAR CORPORATION AND SUBSIDIARIES

|                                                                      |   | June 30, 2010 |     |   | June 30, 2009 |    |
|---------------------------------------------------------------------------|--------|---------------|----------|--------|---------------|---------|
|                                                                      |   |          |     |   |          |    |
| Cash flows from operating activities:                                     |   |          |     |   |          |    |
| Net loss                                                                  |   | $             | (328,728 | )      |          | $       | (450,547 | ) |
| Adjustment to reconcile net loss to net cash used in operating activities |   |          |     |   |          |    |   |   |
| Depreciation expense                                                      |   |          | --       |   |          |    | 245 |   |
| Loss on disposal of assets                                                |   |          | --       |   |          |    | 2,925 |   |
| Common stock issued for services                                          |   |          | 238,970  |   |          |    | 39,000 |   |
| Equity in losses of Positron Corporation                                  |   |          | 75,955   |   |          |    | 37,519 |   |
| Changes in operating assets and liabilities:                              |   |          |     |   |          |    |   |   |
| Accounts payable and accrued liabilities                                  |   |          | 13,663   |   |          |    | 344,578 |   |
|                                                                      |   |          |     |   |          |    |   |   |
| Net cash used operating activities                                        |   |          | (140     | )      |          |    | (26,280 | ) |
|                                                                      |   |          |     |   |          |    |   |   |
|                                                                      |   |          |     |   |          |    |   |   |
| Cash flows from financing activities:                                     |   |          |     |   |          |    |   |   |
| Advance from affiliate                                                    |   |          | --       |   |          |    | 25,364 |   |
|                                                                      |   |          |     |   |          |    |   |   |
| Net cash provided by financing activities                                 |   |          | --       |   |          |    | 25,364 |   |
|                                                                      |   |          |     |   |          |    |   |   |
| Net decrease in cash                                                      |   |          | (140     | )      |          |    | (916 | ) |
|                                                                      |   |          |     |   |          |    |   |   |
| Cash at beginning of period                                               |   |          | 140      |   |          |    | 942 |   |
|                                                                      |   |          |     |   |          |    |   |   |
| Cash at end of period                                                     |   | $             | --       |   |          | $       | 26 |   |
|                                                                      |   |          |     |   |          |    |   |   |
| Supplemental cash flow information:                                       |   |          |     |   |          |    |   |   |
| Interest paid                                                             |   | $             | --       |   |          | $       | -- |   |
| Income taxes paid                                                         |   | $        | --       |   |          | $  | -- |   |

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IMAGIN MOLECULAR CORPORATION AND SUBSIDIARIES

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|                                |   | Six Months Ended June 30, 2010 |        |   | Six Months Ended June 30, 2009 |   |
|-------------------------------------|--------|--------------------------------|-------------|--------|--------------------------------|--------|
| Revenues                            |   | $                              | 1,401,000   |   |                           |   | 701,000 |   |
| Loss from operations                |   |                           | (10,246,000 | )      |                           |   | (1,373,000 | ) |
| Net loss                            |   |                           | (9,658,000  | )      |                           |   | (1,675,000 | ) |
| Loss per share                      |   | $                              | (0.02       | )      |                           |   | (0.009 | ) |
| Weighted average shares outstanding |   |                           | 495,417,000 |   |                           |   | 185,402,000 |   |

|                        |   | June 30, 2010 |        |
|-----------------------------|--------|---------------|-------------|
| Current assets              |   | $             | 5,540,000   |   |
| Total assets                |   |          | 5,722,000   |   |
| Current liabilities         |   |          | 6,648,000   |   |
| Total liabilities           |   |          | 10,814,000  |   |
| Stockholders’ deficit |   |          | (5,092,000  | ) |
| Common shares outstanding   |   |          | 686,510.878 |   |

|        Convertible Series A Preferred Stock |   |   | 457,000       |   |
|--------------------------------------------------------------------------------|--------|--------|---------------|--------|
|        Convertible Series B Preferred Stock |   |   | 607,200,000   |   |
|        Convertible Series G Preferred Stock |   |   | 2,920,000     |   |
|        Convertible Series S Preferred Stock |   |   | 1,000,000,000 |   |
|        Stock Warrants                       |   |   | 215,062,505   |   |
|        Stock Options                        |   |   | 250,000,000   |   |
|                                                                           |   |   | 2,075,639,505 |   |

ITEM 2.  Management's Discussion And Analysis Of Financial Condition And Results Of Operation

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ITEM 3.  Quantitative and Qualitative Disclosures About Market Risk

ITEM 4. Controls And Procedures

|   | 1. | Lack of formal policies and procedures necessary to adequately review significant accounting transactions. The Company utilizes a third party independent contractor for the preparation of its financial statements. Although the financial statements and footnotes are reviewed by our management, we do not have a formal policy to review significant accounting transactions and the accounting treatment of such transactions. The third party independent contractor is not involved in the day to day operations of the Company and may not be provided information from management on a timely basis to allow for adequate reporting/consideration of certain transactions. In the case of the Company’s recent restatement of the investment in Positron securities, a periodic review (not less than quarterly) and discussion of significant transactions (i.e. increasing advances to a related party) may have led to more timely adoption of the proper method of accounting. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | Audit Committee and Financial Expert. The Company does not have a formal audit committee with a financial expert, and thus the Company lacks the board oversight role within the financial reporting process. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Establishing a formal review process of significant accounting transactions that includes participation of the Chief Executive Officer, the Chief Financial Officer and the Company’s corporate legal counsel. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | Form an Audit Committee that will establish policies and procedures that will provide the Board of Directors a formal review process that will among other things, assure that management controls and procedures are in place and being maintained consistently. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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PART II - OTHER INFORMATION

ITEM 1. Legal Proceedings

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 3. Defaults Upon Senior Securities

ITEM 4. (Removed And Reserved)

ITEM 5. Other Information

ITEM 6. Exhibits and Reports on Form 8-K

| Exhibit | Description of the Exhibit                                                                                                                                       |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |                                                                                                                                                             |
| 31.1    |  Chief Executive Officer  Certification of Periodic Financial Report Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                   |
| 31.2    |  Chief Financial Officer Certification of Periodic Financial Report Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                              |
| 32.1    |  Chief Executive Officer  Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 32.2    |  Chief Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.            |

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| Date:     September 24, 2010 |  /s/ Patrick J. Rooney                |
|-------------------------------------------------------|--------------------------------------------|
|                                                  | Patrick J. Rooney, Chief Executive Officer |
|                                                  | (Principal Executive Officer)              |
|                                                  |                                       |
| Date:     September 24, 2010 |  /s/ Gregory Pappas                   |
|                                                  | Gregory Pappas, Chief Financial Officer    |
|                                                  | (Principal Accounting Officer)             |

|  Exhibit |   |                                                                                                                                                       |
|---------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|
|          |   |                                                                                                                                                       |
| 31.1          |   | Chief Executive Officer  Certification of Periodic Financial Report Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                   |
|          |   |                                                                                                                                                       |
| 31.2          |   | Chief Financial Officer Certification of Periodic Financial Report Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                              |
|          |   |                                                                                                                                                       |
| 32.1          |   | Chief Executive Officer  Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|          |   |                                                                                                                                                       |
| 32.2          |   | Chief Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.            |

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