Organization and Nature of Business

12 Months Ended

Jun. 30, 2024

Organization and Nature of Business [Abstract]

ORGANIZATION AND NATURE OF BUSINESS

(1) ORGANIZATION AND NATURE OF BUSINESS

Imaging Diagnostic Systems, Inc. (the “Company” or “IDSI”) was a medical technology company that developed a new, non-invasive CT scanner called CTLM® that used a laser beam in place of ionizing X-ray for breast imaging. This technology is called Diffuse Optical Tomography. The CTLM® provided an adjunctive imaging modality to other methods of imaging the breast such as X-ray mammography, MRI and ultrasound.

In the fourth quarter of fiscal 2023, the Company terminated its CTLM® business due to the lack of financing and the absence of a realistic prospect of achieving profitability after accumulating huge operating losses for many years. Since the beginning of fiscal 2024 the Company has been focused on seeking new business opportunities to replace its failed legacy business through a reverse merger transaction. While the Company has considered several opportunities, it has yet to enter into any definitive agreement and remains a shell company.

Since inception in December 1993 as a Florida corporation and subsequently its reverse merger with Alkan Corp., a New Jersey Corporation on April 14, 1994, we continued operations and changed our state of incorporation from New Jersey to Florida, effective July 1, 1995.

On July 7, 2023, the Company entered into a non-binding letter of intent (“LOI”) with Bright New Vision Inc. (“BNV”) regarding a proposed reverse merger transaction. Under the terms of the LOI, upon closing, BNV shareholders would own approximately 82% of IDSI’s issued and outstanding common stock, and all of IDSI’s directors and officers would be BNV affiliates. The LOI contemplated closing the transaction on or before December 31, 2023. However, because BNV did not take any further action beyond the LOI, the proposed reverse merger will not proceed.