The rapid decline of Imaging Diagnostic Systems, Inc. (OTC:IMDS) stock price is picking up more pace with a significant increase in the volume over the past couple of trading sessions.The disappointment with the medical technology company comes from their delay to file the annual financial report. A year ago, the 10-K was filed on October 13, which is likely to be the case this year as well. The current decline is a good time to accumulate for those still hoping for improvement in the results. However, the analysis of the historical facts provides dim prospects.[BANNER]
The company has not communicated with investors for over half a year. During that time, no funding was secured, which means no progress was probably made due to the lack of funds. During their development of Computed Tomography Laser Mammography, Imaging have altered their deadlines 4 times now since 2008 and don’t seem to have made any progress.
Distribution contracts with various foreign entities have been announced over and over again, yet the top line has only recorded scarce and unstable revenues. Authorized share count is going over the top and makes it strange the stock still trades without multiple zeros in the share price.
