This was the third consecutive day the price dropped, after it gained 15.79% on Nov. 29, when there was a press release from IMGG, which revealed that they plan to resubmit its application for clearance of the Dominion Vi Scanner under the FDA's 510(k) process. Apparently this was the decision IMGG reached after consulting McDermott Will & Emery – the law firm they hired as an FDA consultant on Nov. 8. IMGG stock was promoted on Nov. 17. It seems the promotion had some effect with both price and volume going up on Nov. 17 and 18.
Imaging3 , Inc., was founded in 1993. The company specializes in advanced technology medical imaging devices.
The 10-Q/A report filed by IMGG with the SEC looks quite dismal, with cash and cash equivalents of $7 thousand and total current liabilities amounting up to $3.1 million. The result of the company's operations is a $361 thousand loss. In the going concern section of the report states: "The Company has an accumulated deficit of $13,789,174 and $12,599,170 as of September 30, 2010 and December 31, 2009, respectively. The continuing losses have adversely affected the liquidity of the Company."
In conclusion, the potential investors should probably investigate further and decide for themselves, whether the financial state of the company is acceptable or not.