UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended ~~MARCH~~JUNE 3130, 2010

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

For the transition period from ___________________________ to ___________________________

Commission file number 000-23873

IMAGIN MOLECULAR CORPORATION

(Exact Name of Registrant as specified in its charter)

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

3 Grant Square, #315
1324 36th Avenue North East Calgary, Alberta Canada	T2E 8S1
Hinsdale, Illinois	60521
(Address of Principal Executive Offices)	(Zip Code)

Issuer’s Telephone Number, Including Area Code: (~~630~~416) ~~230~~817-~~8734~~5803

~~Indicate~~3 byGrant check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports)Square, ~~and (2) has been subject to such filing requirements for the past 90 days Yes Q No ¨~~#315

~~Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site~~Hinsdale, ifIllinois any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).60521

~~Yes ¨ No~~(630) ¨230-8734

(Former address and phone number since last report)

Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ¨ No x

Indicate by check mark whether the registrant is a larger accelerated filer, an accelerated filer, a non-accelerated or a smaller reporting company. See the definition of "large accelerated filer, accelerated filer and smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one)

Large accelerated filer ¨ Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company Qx

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

~~Yes~~The ~~¨ No~~numbers Qof shares outstanding of each of the issuer's classes of common equity, as of August 23, 2010, are as follows:

The numbers of shares outstanding of each of the issuer's classes of common equity, as of May 19, 2010 are as follows:

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

Class of Securities		Shares Outstanding
Common Stock, $0.001 par value		75,000,000

IMAGIN MOLECULAR CORPORATION

FOR THE QUARTER ENDED ~~MARCH~~JUNE 3130, 2010

TABLE OF CONTENTS

INDEX	Page
PART I - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS	3
Consolidated Balance Sheet at March 31, 2010 (unaudited) and December 31, 2009	3
Consolidated Balance Sheet at June 30, 2010 (unaudited) and December 31, 2009	3
Consolidated Statements of Operations for the three months ended March 31, 2010 and 2009 (unaudited)	4
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 three months ended March 31, 2010 and 2009 (unaudited)	5
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	108
ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	1219
ITEM 4 - CONTROLS AND PROCEDURES	1219
PART II-OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS	1320
ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	1320
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES	1320
ITEM 4 - OTHER INFORMATION	13
ITEM 4 – (REMOVED AND RESERVED)	20
ITEM 5 – EXHIBITS	13
ITEM 5 - OTHER INFORMATION	20
ITEM 6 – EXHIBITS	20

Table of Contents

PART 1 – FINANCIAL INFORMATION

These quarterly financial statements have not been reviewed by the Company’s registered independent accountants.

ITEM 1. Financial Statements

IMAGIN MOLECULAR CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

ASSETS	~~March~~June 3130, 2010 (unaudited)			December 31, 2009
Current assets:
Cash	$	98--		$	140
Due from affiliate		--			--
Machine held for sale		--			--
Total current assets		98--			140
Other assets:
Investment in securities of Positron Corporation		~~254~~210,~~945~~818			286,773
Total assets	$	~~255~~210,~~043~~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, 75,000,000 and 74,443,284 shares issued and outstanding		75,000			74,443
Common stock, $0.001 par value; 95,000,000 shares authorized, 95,000,000 shares issued, and 95,000,000 shares outstanding		95,000			74,443
Additional paid-in capital		4,~~150~~246,~~687~~184			4,112,274
Accumulated deficit		(45,~~854~~014,~~663~~385	)		(4,770,160	) )
Total stockholders’ deficit		(~~628~~673,~~976~~201	)		(583,443	)
Total liabilities and stockholders’ deficit	$	~~255~~210,~~043~~818		$	286,913

See accompanying notes to the financial statements.

Table of Contents

FORM 10-Q

JUNE 30, 2010

IMAGIN MOLECULAR CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended						Six Months Ended
	March 31, 2010			March 31, 2009
	June 30, 2010			June 30, 2009			June 30, 2010			June 30, 2009
Revenues:	$	--		$	--		$	--		$	--
Costs of revenues:		--			~~90,315~~--			--			90,315
Gross loss		--			~~(90,315~~--	)		--			(90,315	)
Operating expenses:
Marketing, general and administrative		52200,~~675~~098			18252,~~193~~000			252,773			270,193
Total operating expenses		52200,~~675~~098			18252,~~193~~000			252,773			270,193
Loss from operations		(52200,~~675~~098	)		(~~108~~252,~~508~~000	)		(252,773	)		(360,508	)
Interest expense		--			(102,~~965~~556	)		--			(13,521	)
Equity in losses of Positron Corporation		(3144,~~828~~127	)		(1720,~~467~~052	)		(75,955	)		(37,519	)
Loss from continuing operations before income taxes		(84,503	)		(136,940	)
Total other expense		(44,127	)		(22,608	)		(75,955	)		(51,040	)
Income taxes		--			--
Loss before income taxes		(244,225	)		(274,608	)		(328,728	)		(411,548	)
Net loss	$	(84,503	)	$	(136,940	)
Income taxes		--			--			--			--
Loss per share	$	(0.0011	)	$	(0.0019	)
Net loss	$	(244,225	)	$	(274,608	)	$	(328,728	)	$	(411,548	)
Weighted average common shares:		74,847,056			73,663,284
Loss Per Share:	$	(0.0030	)	$	(0.0037	)	$	( 0.0042	)	$	( 0.0056	)
Weighted average common shares:		80,494,505			73,663,284			77,685,536			73,663,284

See accompanying notes to the financial ~~statements.~~statement

Table of Contents

FORM 10-Q

JUNE 30, 2010

IMAGIN MOLECULAR CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	March 31, 2010			March 31, 2009
	June 30, 2010			June 30, 2009
Cash flows from operating activities:
Net loss	$	(84328,~~503~~728	)	$	(~~136~~411,~~940~~548	)
Adjustment to reconcile net loss to net cash provided by (used in) operating activities
Adjustment to reconcile net loss to net cash provided by (used) in operating activities
Depreciation expense		--			~~245~~246
Loss on disposal of assets		--			2,925
Equity in losses of Positron Corporation		31,828			17,467
Common stock issued for services		238,970			--
Common stock issued for services		38,970			--
Equity in losses of Positron Corporation		75,955			37,519
Majority interest in income of subsidiary
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities		13,663			99,402
Accounts receivable		--			--
Net cash used in operating activities		(42	)		(16,901	)
Interest receivable
Accounts payable and accrued liabilities		13,663			344,578
Net cash provided by (used in) operating activities		(140	)		(26,280	)
Cash flows from financing activities:
Advance from affiliate		--			1625,~~155~~364
Net cash provided by financing activities		--			1625,~~155~~364
Net decrease in cash		(42140	)		(~~746~~916	)
Cash at beginning of period		140			942
Cash at end of period	$	98--		$	~~196~~26
Supplemental cash flow information:
Interest paid	$	--		$	--
Income taxes paid		--			--

See accompanying notes to the financial statements.

Table of Contents

IMAGIN MOLECULAR CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1. BUSINESS ORGANIZATION

Imagin Molecular Corporation (“Imagin” or the “Company”) was originally incorporated under the laws of the State of Delaware. Imagin commenced operations upon incorporation and was in the development stage through the first quarter of 2006 and through that period had very little revenue. Imagin’s subsidiary Cipher Multimedia, Inc (“Cipher”) operated Imagin’s original business, a digital distribution solution and marketing company which secures and allows access to digital content through proprietary encoding, encryption and authorization technology.

In 2005 Imagin’s Board of Director’s resolved to change the Company’s principal operations from multimedia encryption technology to positron emission tomography and medical imaging. Operations began in the second quarter of 2006 and the Company no longer operated in the development stage. On March 20, 2007, the Company’s Board of Directors authorized the spin-off of Cipher to the Company’s Shareholders of record on March 26, 2007. Solely from an accounting perspective, the results of Cipher are presented as discontinued operations in the Company’s consolidated statements of operations and cash flows.

~~Imagin~~On ~~Molecular~~April ~~Corporation~~1, ~~through~~2010, ~~its~~Imaging ~~subsidiary~~Diagnostic ~~Imagin~~Centres, ~~Nuclear~~Inc., ~~Partners~~a Canadian corporation (“~~INP~~IDC”), ~~engages~~agreed into ~~the~~sell ~~business~~3,100,000 ~~and~~shares ~~operations~~ of ~~positron~~Series ~~emission~~B ~~tomography~~Convertible ~~(PET).~~Preferred ~~The~~Stock ~~Company~~to ~~engages~~the Company in consideration for 310,000,000 newly-issued shares of the ~~ownership~~Company’s Common Stock. The valuation of ~~PET~~the ~~imaging~~IMAGIN ~~center~~Molecular Corporation stock and also the ~~diagnosis~~Positron ~~and~~Corporation ~~treatment~~Series B Preferred Stock on the date of ~~cancer~~the agreement was $4,100,000. ~~heart~~In consideration for 310,000,000 ~~and~~newly-issued ~~neurological~~shares ~~diseases.~~of Itthe ~~provides~~Company’s ~~myocardial~~Common ~~perfusion~~Stock ~~imaging~~and ~~technology~~a$1,000,000 ~~and~~interest ~~related~~free ~~technical~~note ~~and~~due ~~educational~~in ~~services~~3 toyears ~~diagnose~~with ~~and~~the ~~treat~~right ~~patients~~to ~~with~~prepay ~~coronary~~without ~~artery~~penalty ~~disease,~~from ~~and~~excess ~~patients~~cash ~~who~~generated ~~are~~by atthe ~~risk~~company. The consummation of ~~developing~~this ~~coronary~~transaction ~~heart~~is ~~disease.~~contingent ~~The~~upon the amendment of the Company’s ~~also~~Certificate ~~offers~~of ~~cardiovascular~~Incorporation ~~PET~~to ~~and~~increase ~~noninvasive~~its ~~coronary~~authorized ~~artery~~number ~~disease~~of ~~reversal~~shares ~~programs~~of Common Stock to ~~general/family/internal~~950,000,000 ~~medicine~~shares. When ~~physicians~~consummated, the transaction will result in a change of control of the ~~United~~Company ~~States~~and IDC will become the Company’s majority shareholder.

~~The~~On ~~Company~~July is21, ~~actively~~2010, ~~seeking~~the Company filed a ~~partner~~Definitive toInformation ~~assist~~Statement inwith the ~~execution~~Securities and Exchange Commission to amend the Company’s Certificate of Incorporation to increase its ~~business~~authorized capitalization to 1,000,000,000 shares, of which 950,000,000 will be Common Stock and ~~operation’s~~50,000,000 ~~plan~~will ~~moving~~be ~~forward~~preferred stock, and to change the name of the Company to The Planet Bottle Corporation.

Positron Acquisition Corp.

On April 19, 2005, the Company organized a wholly owned subsidiary, under the laws of the state of Nevada, named Positron Acquisition Corp. (“PAC”). Imagin’s original intent to create PAC was to acquire controlling interest in Positron Corporation (“Positron”), a publicly owned Texas corporation.

The Company holds 722,358 shares of Positron Corporation Series B Preferred Stock and 4,000,000 shares of the Positron Common Stock.

NOTE 2. BASIS OF PRESENTATION

The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission for Interim Reporting. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.

In the opinion of Management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation for the interim periods have been included. Operating results for the ~~three~~six month period ended ~~March~~June 3130, 2010, are not necessarily indicative of the results that may be expected for the year ending December 31, 2010. The accompanying financial statements and the information included under the heading “Management’s Discussion and Analysis of Financial Position and Results of Operations” should be read in conjunction with our company’s audited financial statements and related notes included in our company’s Form 10-K for the year ended December 31, 2009.

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

For a summary of significant accounting policies (which have not changed from December 31, 2009), see the Company’s Annual Report on Form 10-K for the year ended December 31, 2009.

Principles of Consolidation and Nature of Operations

Table of Contents

~~Principles~~For ofthe ~~Consolidation~~periods ended June 30, 2010 and ~~Nature~~2009, the financial statements include the accounts and transactions of ~~Operations~~Imagin Molecular Corporation and its subsidiaries Cipher Multimedia, Inc. (a discontinued operation), Positron Acquisition Corp. and Imagin Nuclear Partners Corporation. All Intercompany transactions and balances have been eliminated.

For the periods ended March 31, 2010 and 2009, the financial statements include the accounts and transactions of Imagin Molecular Corporation and its subsidiaries Cipher Multimedia, Inc. (a discontinued operation), Positron Acquisition Corp. and Imagin Nuclear Partners Corporation. All Intercompany transactions and balances have been eliminated.

Recently Issued Accounting Pronouncements

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

Table of Contents

NOTE 4. GOING CONCERN

These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company has sustained losses since inception and has accumulated losses of $45,~~854~~014,~~663~~385 and total stockholders’ deficit of $~~628~~673,~~976~~201 as of ~~March~~June 3130, 2010. The Company will need to raise additional capital to continue operations.

The Company has made a significant investment into the securities of Positron Corporation, a publicly owned Texas Corporation and affiliate of the Company (“Positron”). As of ~~December~~June 3130, ~~2009~~2010, the Company held 4,000,000 shares of Positron’s common stock and 722,358 shares of Positron’s Series B Convertible Preferred stock.

While the Company is expending its best efforts to achieve its operating goals, there is no assurance that such activity will generate sufficient funds to accomplish its business purpose, or that the Company’s business plan will be successful. Furthermore, there can be no assurance that amounts invested in and advanced to Positron Corporation will ever be realized.

NOTE 5. INVESTMENT IN SECURITIES OF POSITRON CORPORATION

At ~~March~~June 3130, 2010, the Company owned 4,000,000 shares of Positron Corporation’s common stock, representing .9758% of the outstanding common stock, and 722,358 of Positron’s Series B Preferred Shares or approximately 1112% of the class. The Company accounts for its investment in the securities of Positron Corporation under the equity method of accounting. Based on its percentage of ownership of Positron common stock, for the ~~three~~six months ended ~~March~~June 3130, 2010 and 2009, the Company recorded equity in the losses of Positron of ~~$31~~75,~~828~~955 and $1737,~~467~~519, respectively, reducing the carrying value of the Positron securities to $~~254~~210,~~945~~818 at ~~March~~June 3130, 2010.

Summarized financial information for Positron for the ~~three~~six months ended ~~March~~June 3130, 2010 and 2009 follows:

	Three Months Ended March 31, 2010			Three Months Ended March 31, 2009
	Six Months Ended June 30, 2010			Six Months Ended June 30, 2009
Revenues	$	~~467~~1,401,000		$	~~367~~701,000
Loss from operations		(310,~~146~~246,000	)		(~~527~~1,373,000	)
Net loss		(39,~~265~~858,000	)		(~~746~~1,675,000	)
Loss per share	$	(0.01	)	$	(0.01009	)
Weighted average shares outstanding		~~410~~495,~~371~~417,000			~~170~~185,~~733~~402,~~440~~000

	March 31, 2010
	June 30, 2010
Current assets	$	15,540,000
Total assets		15,~~667~~722,000
Current liabilities		86,~~887~~648,000
Total liabilities		910,~~147~~814,000
Stockholders’ deficit		(75,~~480~~092,000	)
Common shares outstanding		~~455~~686,~~620,000~~510.878

The underlying common shares related to anti-dilutive securities not included in Positron’s net loss per share calculation as of ~~March~~June 3130, 2010 were as follows:

Convertible Series A Preferred Stock			457,000
Convertible Series B Preferred Stock			~~634~~607,~~599~~200,000
Convertible Series G Preferred Stock			52,~~829~~920,000
Convertible Series S Preferred Stock			1,000,000,000
Stock Warrants			~~190~~215,~~642~~062,~~000~~505
Stock Options			26250,~~645~~000,000
			250,000,000
			2,108,172,000

Table of Contents

NOTE 6. STOCKHOLDERS’ DEFICIT

On January 25, 2010, the Company issued 556,716 shares of common stock to it Chief Financial Officer as compensation. On the date the shares were issued the common stock had a fair market value of $0.07 per share. For the ~~three~~six months ended ~~March~~June 3130, 2010, the Company recorded compensation expense of $38238,970 to the shares issued.

~~NOTE~~On 7April 1, 2010, the Company issued 20,000,000 shares of common stock to consultants for services rendered. . On ~~INCOME~~the ~~TAXES~~date the shares were issued the common stock had a fair market value of $0.01 per share. For the six months ended June 30, 2010, the Company recorded compensation expense of $200,000 to the shares issued.

~~The~~NOTE ~~Company has incurred losses since its inception and, therefore, has not been subject to federal income taxes~~7. As ofSUBSEQUENT March 31, 2010, the Company had net operating loss (“NOL”) carryforwards for income tax purposes of approximately $6,000,000, which expire in 2022 through 2029. Under the provisions of Section 382 of the Internal Revenue Code the greater than 50% ownership change of the Company’s common stock limits the Company’s ability to utilize its NOL carryforwards to reduce future taxable income and related tax liabilities.EVENTS

~~Section~~Resignation ~~382~~and ~~allows~~Election ~~an owner shift any time there is a transfer~~ of ~~stock~~New byDirectors ~~a person who directly, or indirectly, owns more than 5% of the corporation~~ and the percentage of stock of the corporation owned by one or more five percent shareholders has increased, in the aggregate, by more than 50 percentage points over the lowest percentage of stock owned by such shareholders at any time during the "testing period." The "testing period" is generally a three-year period ending on the date of any owner or equity structure shift.Officers

~~The~~On ~~amount~~June of3, ~~post-change~~2010, ~~income~~Joseph ~~that~~G. ~~may~~Oliverio beresigned ~~offset~~as byDirector ~~pre-change~~and ~~losses~~Chief isExecutive ~~limited~~Officer ~~each~~of ~~year by~~ the ~~"Section 382 Limitation." Generally~~Registrant, ~~the~~Corey ~~Section~~Conn ~~382~~resigned ~~Limitation~~as isDirector anand ~~amount~~Chief ~~equal~~Financial toOfficer ~~the value~~ of the ~~old~~Registrant ~~loss~~and ~~corporation~~Neil ~~multiplied~~Sy byresigned aas ~~long-term~~Director ~~interest~~of ~~rate established monthly by~~ the ~~Internal Revenue Service~~Registrant.

~~Deferred~~On ~~income~~June ~~taxes~~3, ~~consist~~2010, ofPatrick J. Rooney, Ghassan Barazi and Nicholas Anthony Havercroft were elected and appointed to the ~~following~~Board asof Directors of ~~March~~the 31Registrant. Also on that date, ~~2010~~Mr. Rooney was appointed Director of Corporate Development and ~~December~~Mr. ~~31,~~Barazi ~~2009:~~was appointed the Registrant’s President.

	March 31, 2010		December 31, 2009
Deferred tax assets
Net operating loss carryforwards	$	1,535,000	$	1,500,000
Unrealized loss on investment impairment and equity in losses of Positron Corporation		503,000		442,000
Stock Based Compensation		285,000		272,000
		2,323,000		2,214,000
Valuation allowance		(2,323,000)		(2,214,000)
	$	-	$	-

Amendments to Certificate of Incorporation and Refocus of Operations

~~Due~~On June 8, 2010, our Board of Directors and a majority of shareholders authorized an amendment to the ~~uncertainty~~Company’s Certificate of ~~future~~Incorporation ~~realization~~to change the name of the ~~net~~Registrant ~~deferred~~to ~~tax~~“The ~~asset~~Planet Bottle Corporation”, effect a ~~valuation~~reverse ~~allowance~~split ~~has~~of ~~been~~the ~~placed~~Registrant’s ~~against~~Common ~~this~~Stock ~~asset~~per share on a 1:10 basis and authorize the issuance of blank check preferred stock, par value $0.001 per share. In addition, the Company intends to adopt a new business plan in the oxo-biodegradable and/or “Green” sector. Oxo-biodegradable technology is based on proven science wherein the molecular structure of plastic is reduced then fragmented by the introduction of a masterbatch additive, changing the very nature of the plastic thus making it more susceptible to digestion by microbes or bacteria as found commonly in landfills and/or the environment.

Table of Contents

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

The Company is including the following cautionary statement in this Quarterly Report on Form 10-Q to make applicable and utilize the safe harbor provision of the Private Securities Litigation Reform Act of 1995 regarding any forward-looking statements made by, or on behalf of, the Company. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. Certain statements contained herein are forward-looking statements and, accordingly, involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements.

The Company’s expectations, beliefs and projections are expressed in good faith and are believed by the Company to have a reasonable basis, including without limitations, examination of historical operating trends, data contained in records and other data available from third parties, but there can be no assurance that the Company’s expectations, beliefs or projections will result, or be achieved, or be accomplished.

Overview

Imagin Molecular Corporation, through its subsidiaries, has engaged in the business and operations of positron emission tomography (PET). The Company engaged in the ownership of PET imaging center and the diagnosis and treatment of cancer, heart, and neurological diseases. It provides myocardial perfusion imaging technology, and related technical and educational services to diagnose and treat patients with coronary artery disease, and patients who are at risk of developing coronary heart disease. The Company also offers cardiovascular PET and noninvasive coronary artery disease reversal programs to general/family/internal medicine physicians in the United States.

~~Although~~The ~~not~~Company ~~currently~~is no longer engaged in any PET imaging ~~operations,~~business. The ~~the~~ Company is ~~actively~~adopting ~~seeking~~ a ~~partner~~new tobusiness ~~assist~~plan in the ~~execution~~oxo-biodegradable and/or “Green” sector. Oxo-biodegradable technology is based on proven science wherein the molecular structure of ~~its~~plastic ~~business~~is ~~and~~reduced ~~operation’s~~then ~~plan~~fragmented ~~moving~~by ~~forward~~the introduction of a masterbatch additive, changing the very nature of the plastic thus making it more susceptible to digestion by microbes or bacteria as found commonly in landfills and/or the environment.

Comparison of the Results of Operations for the Three Months ended ~~March~~June 3130, 2010 and 2009

~~During the three months ended March 31, 2010 the Company had a net loss of $84,503 compared to a net loss of $136,940 for the three months ended March 31, 2009.~~8

For the three months ended March 31, 2009 costs of revenues were $90,315. The Company terminated its agreement with the supplier of rubidium, the pharmaceutical agent used in the PET scanning process. However, under the terms of its agreement with the supplier, the Company was required give a 90 day notice prior to terminating the agreement. Consequently, the Company recorded an additional $90,315 of costs despite not recording any lease revenue.

Operating expenses were $52,675 and $18,193 for the three months ended March 31, 2010 and 2009, respectively. For the three months ended March 31, 2010, the Company recorded compensation expense of $38,970 for shares of common stock issued to its Chief Financial Officer.

For the three months ended March 31, 2009, interest expense on notes payable was $10,965. In October 2009, the Company satisfied its obligation with respect to the notes.

For the three months ended March 31, 2010 and 2009, the Company recorded equity in the losses of Positron of $31,828 and $17,467, respectively.

Liquidity and Capital Resources

At March 31, 2010, the Company had current assets of $98 and current liabilities of $653,961 compared to December 31, 2009 when the Company had current assets and current liabilities of $140 and $640,298, respectively.

Current liabilities at March 31, 2010 include accounts payable and accrued expenses of $624,737 and amounts due affiliated companies totaling $29,224.

Net cash used in operating activities during the three months ended March 31, 2010 was $42 compared to $16,901 during the three months ended March 31, 2009. Overall, the decrease is attributable to a lower net loss during the three months ended March 31, 2010 as compared to the three months ended March 31, 2009.

Table of Contents

~~The~~During the three months ended June 30, 2010 the Company ~~did~~had ~~not~~a ~~have~~net ~~any~~loss ~~investing~~of ~~activities~~$244,225 ~~during~~compared ~~the~~to ~~three~~a ~~months~~net ~~ended~~loss ~~March~~of 31$274,608 ~~2010~~for orthe ~~March~~three 31months ended June 30, 2009.

~~Net~~The ~~cash~~Company ~~provided~~did bynot ~~financing~~record ~~activities~~any ~~was~~revenues ~~$16,155~~during ~~for~~ the three months ended ~~March 31~~June30, ~~2009~~2010 ~~which~~or ~~represents advances from Positron Corporation, an affiliated company. The Company did not record any financing activity during~~ the three months ended ~~March~~June 3130, ~~2010~~2009.

OnOperating ~~March~~expenses 31were $200,098 ~~2010~~and ~~the~~$252,000 ~~Company~~for ~~had~~the anthree ~~accumulated~~months ~~deficit~~ended ofJune $430,~~854,663and~~ ~~total~~2010 ~~stockholders’~~and ~~deficit of $628~~2009,~~976~~ respectively. ~~The~~ ~~Company~~For isthe ~~dependent~~three onmonths ~~debt~~ended orJune ~~equity~~30, ~~financings~~2010, ~~to resolve~~ the Company’s ~~liquidity~~recorded ~~issues~~consulting ~~and~~expense ~~allow~~of it$200,000 tofor ~~continue~~shares toof ~~operate~~common asstock aissued ~~going~~to ~~concern~~various individuals.

For the three months ended June 30, 2009, interest expense on notes payable was $ 2,556. In October 2009, the Company satisfied its obligation with respect to the notes.

For the Three months ended June 30, 2010 and 2009, the Company recorded equity in the losses of Positron of $44,127_and $20,052, respectively.

Comparison of the Results of Operations for the Six Months ended June 30, 2010 and 2009

During the six months ended June 30, 2010 the Company had a net loss of $328,728 compared to a net loss of $411,548 for the six months ended June 30, 2009.

The Company did not record any revenues during the six months ended June30, 2010 or the six months ended June 30, 2009. In March 2009, the Company terminated its agreement with the supplier of rubidium, the pharmaceutical agent used in the PET scanning process. However, under the terms of its agreement with the supplier, the Company was required give a 90 day notice prior to terminating the agreement. Consequently, the Company recorded an additional $90,315 of costs despite not recording any lease revenue.

Operating expenses were $252,773 and $270,193 for the six months ended June 30, 2010 and 2009, respectively. For the six months ended June 30, 2010, the Company recorded consulting expense of $200,000 for shares of common stock issued to various individuals and compensation expense of $38,970 for shares of common stock issued to its Chief Financial Officer.

For the six months ended June 30, 2010 and 2009, the Company recorded equity in the losses of Positron of $75,955 and $37,519, respectively.

Liquidity and Capital Resources

At June 30, 2010, the Company had current assets of $0 and current liabilities of $653,961 compared to December 31, 2009 when the Company had current assets and current liabilities of $140 and $640,298, respectively.

Current liabilities at June 30, 2010include accounts payable and accrued expenses of $624,737 and amounts due affiliated companies totaling $29,224.

Net cash used in operating activities during the six months ended June 30, 2010 was $140 compared to $26,280 during the six months ended June 30, 2009.

The Company did not have any investing activities during the six months ended June 30, 2010 or June 30, 2009.

Net cash provided by financing activities was $25,364 for the six months ended June 30, 2009 which represents advances from Positron Corporation, an affiliated company. The Company did not record any financing activity during the six months ended June 30, 2010.

On June 30, 2010, the Company had an accumulated deficit of $5,014,385 and total stockholders’ deficit of $673,201. The Company is dependent on debt or equity financings to resolve the Company’s liquidity issues and allow it to continue to operate as a going concern.

Effects of Inflation

The Registrant believes that the relatively low rate of inflation over the past few years has not had a significant impact on the Registrant's financial position or operating results.

Forward Looking Statements

This report includes "Forward-Looking Statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be considered "forward looking statements". Such statements are included, among other places in this registration statement, in the sections entitled "Management's Discussion and Analysis or Plan of Operation," "Description of Business" and "Description of Property." Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, the Registrant can give no assurance that such expectations will prove to have been correct.9

Table of Contents

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

The Company is not exposed to market risk related to interest rates or foreign currencies.

ITEM 4. Controls And Procedures

Disclosure Controls and Procedures

Based upon an evaluation of the effectiveness of disclosure controls and procedures, our Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO") have concluded that as of the end of the period covered by this Quarterly Report on Form 10-Q our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Exchange Act) were not effective to provide reasonable assurance that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the SEC and is accumulated and communicated to management, including the CEO and CFO, as appropriate to allow timely decisions regarding required disclosure. As reported in our Annual Report on Form 10-K for the year ended December 31, 2009, the Company’s chief executive and financial officer ~~has~~have determined that there are material weaknesses in our disclosure controls and procedures.

The material weaknesses in our disclosure control procedures are as follows:

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.

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.

We intend to initiate measures to remediate the identified material weaknesses including, but not necessarily limited to, the following:

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.

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.

Changes in Internal Control over Financial Reporting

As reported in our Annual Report on Form 10-K for the year ended December 31, 2009, management is aware that there is a significant deficiency and a material weakness in our internal control over financial reporting and therefore has concluded that the Company’s internal controls over financial reporting were not effective as of December 31, 2009. The significant deficiency relates to a lack of segregation of duties due to the small number of employees involvement with general administrative and financial matters. The material weakness relates to a lack of formal policies and procedures necessary to adequately review significant accounting transactions.

There have not been any changes in the Company's internal control over financial reporting during the quarter ended ~~March~~June 3130, 2010 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

1210

Table of Contents

FORM 10-Q SEPTEMBER 30, 2008

PART II - OTHER INFORMATION

ITEM 1. Legal Proceedings

None.

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

None.

ITEM 3. Defaults Upon Senior Securities

None.

ITEM 4. ~~Other~~(Removed ~~Information~~And Reserved)

ITEM 5. ~~Exhibits~~Other Information

None.

ITEM 6. Exhibits

(a) Exhibit Index

Exhibit		Description of the Exhibit

31.1		Chairman of the Board 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		Chairman of the Board 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.

1311

Table of Contents

SIGNATURES

Pursuant to the requirements of the Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of ~~Hinsdale~~ Calgary, ~~State~~Alberta ~~of Illinois~~ Canada on ~~May~~August 1723, 2010.

Imagin Molecular Corporation

Date: May 19, 2010	/s/ Joseph G. Oliverio
Date: August 23, 2010	/s/ Patrick Rooney
	Joseph G. Oliverio
	Patrick Rooney, Chief Executive Officer
	Chief Executive Office, Director
	(Principal Executive Officer)
	(principal executive officer)
Date: August 23, 2010	/s/ Gregory Pappas
Date: May 19, 2010	/s/ Corey N. Conn
	Gregory Pappas, Chief Financial Officer
	Corey N. Conn
	(Principal Accounting Officer)
	Chief Financial Officer
	(principal accounting officer)

EXHIBIT INDEX

Exhibit		~~Description of the Exhibit~~
31.1		~~Chairman~~Chief ofExecutive ~~the~~Officer ~~Board~~ 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		~~Chairman~~Chief ofExecutive ~~the~~Officer ~~Board~~ 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.#

* Filed herewith

# Furnished herewith

Filing Compare · IMAGIN MOLECULAR CORP