Amended Quarterly Report (10-q/a)

Share Name	Share Symbol	Market	Type
Medical Imaging Corporation (CE)	USOTC:MEDD	OTCMarkets	Common Stock

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q/A

x QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2018

¨ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

for the transition period from _________________ to _______________

Commission File Number 333-136436

MEDICAL IMAGING CORP.

(Exact name of registrant as specified in charter)


NEVADA		98-0493698
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)


848 N. Rainbow Blvd. #2494, Las Vegas, Nevada		89107
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code (877) 331-3444

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 ý 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 ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting Company. See the definitions of “ large accelerated filer, ” “ accelerated filer ” and “ smaller reporting company ” in Rule 12b-2 of the Exchange Act.


Large accelerated filer o		Accelerated filer o
Non-accelerated filer o (Do not check if smaller reporting Company)		Smaller reporting Company ý

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

There were 44,136,209 shares of common stock outstanding as of October 11, 2018.

EXPLANATORY NOTE

The sole purpose of this amendment to our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2018, originally filed with the Securities and Exchange Commission on October 31, 2018, is to furnish Exhibit 101 to the Form 10-Q, which contains the XBRL (eXtensible Business Reporting Language) Interactive Data File for the financial statements and notes included in Part I, Item 1 of the Form 10-Q.

No other changes have been made to the Form 10-Q and the Form 10-Q has not been updated to reflect events occurring subsequent to the original filing date.

TABLE OF CONTENTS


ITEM NUMBER AND CAPTION		PAGE

PART I

ITEM 1. Consolidated Financial Statements and Supplementary Data (Unaudited)		3
ITEM 2. Management’s Discussion and Analysis of Financial Condition And Results of Operations		17
ITEM 3 Quantitative and Qualitative Disclosures About Market Risk Controls and Procedures		24
ITEM 4T Controls and Procedures		24

PART II

ITEM 1. Legal Proceedings		25
ITEM 1A. Risk Factors		25
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds		25
ITEM 3. Defaults Upon Senior Securities		25
ITEM 4. Mine Safety Disclosures		25
ITEM 5. Other Information		25
ITEM 6. Exhibits		25

Item 1. Consolidated Financial Statements

Medical Imaging Corp.

Consolidated Balance Sheets (Unaudited)


	30-Jun, 2018		31-Dec, 2017
ASSETS
Current Assets
Cash and Cash Equivalents	$	12,409	$	35,868
Accounts Receivable, net of Allowance for Doubtful Accounts of $295,275, and 266,254, respectively		599,838		669,814
Prepaid Expenses		3,474		9,835
Current assets of discontinued operations		250,055		317,418
Total Current Assets		865,776		1,032,935

Property and Equipment, net of Accumulated Depreciation of $1,184,154 and $1,119,308 respectively		908,798		955,874
Goodwill		1,422,670		1,422,670
Deposits		16,584		17,003
Noncurrent assets of discontinued operations		8,102		763,145
TOTAL ASSETS	$	3,221,930	$	4,191,627

LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities
Bank Overdraft	$	59,926	$	-
Accounts Payable		1,744,462		1,705,225
Accrued Liabilities		1,194,086		918,741
Advance due to related party		54,752		-
Current Portion of Capital Lease Obligations		62,954		76,109
Current Portion of Promissory Notes net of $31,377 and $74,800 respectively		139,418		255,523
Current Portion of Promissory Notes, Overdue		636,000		782,000
Current Portion of Royalty Financing net of $425,337 and $425,337 respectively		1,610,681		1,324,768
Current Portion of Convertible Notes net of $62,187 and $0 respectively		166,050		145,131
Current Portion of Convertible Notes, Overdue		2,101,082		2,086,000
Derivative Liability		116,803		-
Current liabilities of discontinued operations		859,894		733,839
Total Current Liabilities		8,746,108		8,027,336
Capital Lease Obligations, less current portion		18,323		44,994
Promissory Notes, less current portion, net of unamortized discounts of $65,000, and $65,000, respectively		100,000		100,000
Royalty Financing, less current portion, net of unamortized discounts of $4,239,507, and $4,452,157, respectively		1,034,771		1,108,015
Convertible Notes, less current portion, net of unamortized discounts of $0, and $188, respectively		25,000		178,000
Noncurrent liabilities of discontinued operations		26,028		58,741
Total Liabilities		9,950,230		9,517,086
Commitments and Contingencies		-		-
Stockholders' Deficit
Preferred Stock-$0.001 par value; 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively		-		-
Common Stock-$0.001 par value; 500,000,000 shares authorized, 38,996,608 and 33,296,481 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively		38,997		33,297
Additional Paid-In Capital		2,762,348		2,591,206
Accumulated Other Comprehensive Income		217,505		184,054
Accumulated Deficit		(9,747,150)		(8,134,016)
Total Stockholders' Deficit		(6,728,300)		(5,325,459)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$	3,221,930	$	4,191,627

The accompanying notes are an integral part of these consolidated financial statements.

Medical Imaging Corp.

Consolidated Statement of Comprehensive Income (Unaudited)


	Three Months Ended				Six Months Ended
	June 30		June 30		June 30		June 30
	2018		2017		2018		2017
Revenue:
Sales	$	1,383,371	$	1,252,029	$	2,738,116	$	2,384,301
Cost of sales		861,652		762,500		1,772,524		1,455,961
Gross Margin		521,719		489,529		965,592		928,340

Operating Expenses:
Labor		169,012		172,352		347,676		364,877
General and Administrative		53,509		71,210		108,192		131,046
Rent Office Space and Servers		64,249		57,348		123,728		117,298
Depreciation		33,844		65,565		69,447		131,541
Legal and professional		7,279		40,789		157,487		103,892
Advertising		2,077		14,940		6,636		23,877
Bad Debt Expense		15,000		11,702		29,021		80,257
Insurance		10,887		10,404		20,865		20,872
Travel		7,816		12,466		18,737		21,058
Management fees		6,287		4,579		9,404		8,462
Total Operating Expenses		369,960		461,355		891,193		1,003,180
Income (Loss) from Operations		151,759		28,174		74,399		(74,840)

Other Income and (Expenses):
Amortization of Debt Discount		(154,972)		(172,850)		(372,413)		(313,010)
Interest & Penalties Expense		(128,643)		(134,742)		(313,678)		(278,380)
Derivative Liability Gains (Losses)		-		-		(25,645)		-
Foreign Currency Gains (Losses)		(2,622)		(65,605)		(3,030)		(62,702)
Provision for income taxes		86		-		-		-
Other Income		(36)		22,283		1,242		23,230
Total Other Income (Expenses)		(286,187)		(350,914)		(713,524)		(630,862)

Loss from continuing operations		(134,428)		(322,740)		(639,125)		(705,702)
Loss from discontinued operations, net		(821,520)		(198,216)		(974,009)		(208,399)
Total Other Comprehensive Income (Loss)		(19,523)		51,926		33,451		54,812
Foreign Currency Translation gain (loss)		(19,523)		51,926		33,451		54,812
Total Comprehensive Loss	$	(975,471)	$	(469,030)	$	(1,579,683)	$	(859,289)

Basic and Diluted Loss per Share from Continuing Operations	$	(0.002)	$	(0.012)	$	(0.018)	$	(0.027)
Basic and Diluted Loss per Share from Discontinued Operations	$	(0.021)	$	(0.007)	$	(0.027)	$	(0.008)
Basic and Diluted Loss per Share from Consolidated Operations	$	(0.024)	$	(0.017)	$	(0.044)	$	(0.033)

Weighted Average Shares Outstanding: Basic and Diluted		38,996,608		27,024,283		36,162,289		25,755,323

The accompanying notes are an integral part of these consolidated financial statements.

Medical Imaging Corp.

Consolidated Statements of Cash Flows (Unaudited)


	Six Months Ended
	June 30		June 30
	2018		2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$	(639,125)	$	(705,702)
Adjustments to Reconcile Net Loss to Net Cash from Operating Activities:
Loss from discontinued operations, net		(974,009)		(208,399)
Depreciation		69,447		131,541
Bad Debt Expense		29,021		80,257
Amortization of Debt Discount		372,413		313,010
Stock-based compensation		-		39,100
Foreign currency transaction (Gain) Loss		941		2,463
Derivative Liability		208,731		-
Derivative Liability (Gain) Loss		(30,086)		-
Changes in operating assets and liabilities:
Accounts Receivable, Net of Allowance for Doubtful Accounts		40,955		(72,826)
Prepaid Expenses		6,361		6,001
Accounts Payable and Accrued Liabilities		314,582		294,322
NET CASH AND CASH EQUIVALENTS FROM OPERATING ACTIVITIES		(600,769)		(120,233)

CASH FLOWS FROM INVESTING ACTIVITIES:
Equipment Purchase		(22,893)		(12,209)
NET CASH FROM INVESTING ACTIVITIES		(22,893)		(12,209)

CASH FLOWS FROM FINANCING ACTIVITIES:
Advances from related party		54,752
Bank Overdraft		59,926
Proceeds from Promissory Notes		-		100,000
Proceeds from Convertible Debt		-		-
Principal Payments on Promissory Notes		(318,848)		(237,261)
Principal Payments on Convertible Notes		(105,000)		(35,000)
Principal Payments on Capital Lease Obligations		(39,826)		(37,779)
NET CASH AND CASH EQUIVALENTS FROM FINANCING ACTIVITIES		(348,996)		(210,040)

CASH FLOWS FROM DISCONTINUED OPERATIONS
Net cash provided by operating activities of discontinued operations		332,033		275,172
Net cash provided by operating activities of discontinued operations		648,421		(27,619)
Net cash used in financing activities of discontinued operations		54,706		(23,077)
NET CASH USED IN DISCONTINUED OPERATIONS		915,748		224,476

Gain (Loss) due to foreign currency translation		33,451		54,812

NET CHANGE IN CASH AND CASH EQUIVALENTS		(23,459)		(63,194)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		35,868		85,455
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	12,409	$	22,261

Cash paid during the period for:
Interest	$	58,714	$	151,008
Income Taxes	$	-	$	-
Non-cash financing and investing activities:
Shares Issued for Convertible Note	$	80,000	$	91,237
Derivative	$	-	$	-
Acquisition Liability Assigned to Loan Payable	$	-	$	-
Acquisition Liability Assigned to Promissory Note	$	-	$	-
Equipment purchased under Capital Lease	$	-	$	-
Accrued Interest converted to Note	$	-	$	-

The accompanying notes are an integral part of these consolidated financial statements.

Medical Imaging Corp.

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2018

Note 1. Organization and Summary of Significant Accounting Policies

Organization and Basis of Presentation

Medical Imaging Corp., (“MIC” or the “Company”), a Nevada Corporation was incorporated in 2000. In 2005, the Company developed a business plan for private healthcare opportunities in Canada with the objective of owning and operating private diagnostic imaging clinics. In 2009, the Company purchased Canadian Teleradiology Services Inc., which operates as: Custom Teleradiology Services (“CTS”). CTS provides remote reading of medical diagnostic imaging scans for rural hospitals and clinics in Canada. In early 2010, the Company modified its business plan to grow its CTS subsidiary while commencing the acquisition of existing full service imaging clinics located in the United States and exploring the development of new diagnostic imaging technology. In 2012, the Company purchased Schuylkill Open MRI Inc., which operates as: Schuylkill Medical Imaging (“SMI”), an independent diagnostic imaging facility located in Pottsville, Pennsylvania. In 2014, the Company purchased Partners Imaging Center of Venice, LLC (“PIV”) located in Venice, Florida; Partners Imaging Center of Naples, LLC (“PIN”) located in Naples, Florida; and Partners Imaging Center of Charlotte, LLC (“PIC”) located in Port Charlotte, Florida. On April 30, 2018 the Company closed PIV, PIN and PIC.

Basis of Presentation

These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in U.S. dollars. The Company’s fiscal year-end is December 31.

Principle of Consolidation

The consolidated financial statements include the accounts of Medical Imaging, Corp., and its wholly-owned subsidiaries, CTS, SMI, PIV, PIN, and PIC. Intercompany accounts and transactions have been eliminated in the consolidated financial statements. CTS’, SMI’s, PIV’s, PIN’s, and PIC’s accumulated earnings prior to their acquisitions are not included in the consolidated balance sheet.

Use of Estimates and Assumptions

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities known to exist as of the date the consolidated financial statements are published, and (iii) the reported amount of net sales, expenses and costs recognized during the periods presented. Adjustments made with respect to the use of estimates often relate to improved information not previously available. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of consolidated financial statements; accordingly, actual results could differ from these estimates.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. At June 30, 2018, and December 31, 2017, cash includes cash on hand and cash in the bank.

Accounts Receivable Credit Risk

The allowance for doubtful accounts is maintained at a level sufficient to provide for estimated credit losses based on evaluating known and inherent risks in the receivables portfolio.

Management evaluates various factors including expected losses and economic conditions to predict the estimated realization on outstanding receivables.

As of June 30, 2018 and December 31, 2017, the allowance for doubtful accounts from direct billings was $295,275 and $266,254, respectively.

Although the gross receivable balance has increased significantly, management is actively pursuing collection efforts directly with patients and insurance payers and believes that the current allowance for doubtful accounts is sufficient to cover any expected losses.

Goodwill and Indefinite - Lived Intangible Assets

The Company follows the provisions of Financial Accounting Standard Accounting Standards Codification (“ASC”) 350, Goodwill and Other Intangible Assets . In accordance with ASC 350, goodwill, representing the excess of the purchase price and related costs over the value assigned to net tangible and identifiable intangible assets of businesses acquired and accounted for under the purchase method, acquired in business combinations is assigned to reporting units that are expected to benefit from the synergies of the combination as of the acquisitions date. Under this standard, goodwill and intangibles with indefinite useful lives are not amortized. The Company assesses goodwill and indefinite-lived intangible assets for impairment annually, or more frequently if events and circumstances indicate impairment may have occurred in accordance with ASC 350. If the carrying value of a reporting unit's goodwill exceeds its implied fair value, the Company records an impairment loss equal to the difference. ASC 350 also requires that the fair value of indefinite-lived purchased intangible assets be estimated and compared to the carrying value. The Company recognizes an impairment loss when the estimated fair value of the indefinite-lived purchased intangible assets is less than the carrying value. If the implied fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated and goodwill is written down to its implied fair value. Subsequent increases in goodwill value are not recognized in the consolidated financial statements.

The Company recognized a goodwill impairment charge of $555,000 with regards to the closure of its three Florida centers in April of 2018. No goodwill impairment was recognized during 2017.

Revenue Recognition

The Company holds contracts with several hospitals and groups of health care facilities to provide Teleradiology services for a specific period of time. The Company bills for services rendered on a monthly basis. For the three and six months ended June 30, 2018, CTS held six contracts; four contracts that are renewable on a year-to-year basis and one contract that automatically renewed in 2017 for a successive one year term, and one to be renewed in 2018. In accordance with the requirement of Staff Accounting Bulletin (“SAB”) 104, the Company recognizes revenue when: (1) persuasive evidence of an arrangement exists (contracts); (2) delivery has occurred (monthly); (3) the seller’s price is fixed or determinable (per the customer’s contract, and services performed); and (4) collectability is reasonably assured (based upon our credit policy).

Revenue is accounted for under the guidelines established by SAB 101, Revenue Recognition in Financial Statements, and ASC 605, Revenue Recognition . For CTS, the Company has the following indicators of gross revenue reporting: (1) CTS is the primary obligator in the provision of services to the Hospitals under contract, (2) CTS has latitude in establishing price, and negotiating contracts with each hospital, (3) CTS negotiates and determines the service specification to be provided to each hospital client, (4) CTS has complete discretion in supplier selection, and (5) CTS has the credit risk. Accordingly, the Company records CTS revenue at gross. For SMI, PIV, PIN, and PIC, revenue is recognized on the date of service and recorded on an aggregate monthly basis.

Cost of Sales

Cost of sales includes fees paid to radiologists for reading services, transcription fees, equipment repairs, system license and usage costs.

Impairment of Long-Lived Assets

In accordance with ASC 360, Property, Plant and Equipment, property, equipment, and purchased intangibles are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Goodwill and other intangible assets are tested for impairment at least annually.

Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset.

Stock Based Compensation

The Company follows ASC 718, Stock Compensation ; a fair value calculation is performed by the Company to establish the “grant date fair value” of each award which will also be the amount recorded by the Company as stock based compensation expense pursuant to the guidance set forth in ASC 718 to produce an estimated fair value.

The Company measures all share-based payments to employees (which includes non-employee Board of Directors), including employee stock options, warrants and restricted stock, at the fair value of the award and expenses it over the requisite service period (generally the vesting period). The fair value of common stock options or warrants granted to employees is estimated at the date of grant using the binomial option pricing model (“BOPM”). The calculation also takes into account the common stock fair market value

at the grant date, the exercise price, the expected life of the common stock option or warrant, the dividend yield and the risk-free interest rate.

The Company from time to time may issue stock options, warrants and restricted stock to acquire goods or services from third parties. Restricted stock, options or warrants issued to other than employees or directors are recorded on the basis of their fair value. The options or warrants are valued using the BOPM on the basis of the market price of the underlying equity instrument on the “valuation date,” which for options and warrants related to contracts that have substantial disincentives to non-performance, is the date of the contract, and for all other contracts is the vesting date. Expenses related to the options and warrants are recognized on a straight-line basis over the period which services are to be received.

There was no stock-based compensation expense to non-employees for the three months ended June 30, 2018, and 2017.

There was no stock-based compensation expense to employees for the three months ended June 30, 2018 and June 30, 2017.

There was no stock-based compensation expense to non-employees for the six months ended June 30, 2018, and 2017.

There was no stock-based compensation expense to employees for the six months ended June 30, 2018. For the six months ended June 30, 2017, the Company recognized stock-based compensation expenses of $8,500 from stock options and $30,600 from stock granted to employees. The options were valued using the BOPM and included in the labor operating expenses in the consolidated statements of operations.

Fair Value of Financial Instruments

The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties other than in a forced sale or liquidation.

The carrying amounts of the Company’s financial instruments, including cash, accounts receivable, prepaid expenses, accounts payable, accrued liabilities and notes and loans payable approximate fair value due to their most maturities.

Fair Value Measurements

The Company follows ASC 820, Fair Value Measurements and Disclosures , for disclosures about fair value of its financial instruments and to measure the fair value of its financial instruments. ASC 820 establishes a framework for measuring fair value in U.S. GAAP, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of fair value hierarchy defined by ASC 820 are described below:

Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

Level 2 pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

Level 3 pricing inputs that are generally observable inputs and not corroborated by market data.

The carrying amounts of the Company’s financial assets and liabilities, such as cash and accounts payable approximate their fair values because of the short maturity of these instruments.

The Company does not have assets and liabilities that are carried at fair value on a recurring basis.

Foreign Currency Translation

The Company’s functional currency for its wholly-owned subsidiary, CTS, is the Canadian dollar, and their financial statements have been translated into U.S. dollars. The Canadian dollar based accounts of the Company’s foreign operations have been translated into United States dollars using the current rate method. Assets and liabilities of those operations are translated into U.S. dollars using exchange rates as of the balance sheet date; income and expenses are translated using the weighted average exchange rates for the reporting period. Translation adjustments are recorded as accumulated other comprehensive income (loss), a separate component of stockholders’ equity.

The Company recognized a foreign currency gain (loss) on transactions from operations of $(2,622) for the three months ended June 30, 2018 and $(65,605) for the three months ended June 30, 2017.

The Company recognized other comprehensive income (loss) of $(19,523) for the three months ended June 30, 2018 and $51,926 for the three months ended June 30, 2017.

The Company recognized a foreign currency gain (loss) on transactions from operations of $(3,030) for the six months ended June 30, 2018 and $(62,702) for the six months ended June 30, 2017.

The Company recognized other comprehensive income (loss) of $33,451 for the six months ended June 30, 2018 and $54,812 for the six months ended June 30, 2017.

Income Taxes

The Company accounts for income taxes in accordance with ASC 740, Income Taxes . This statement prescribes the use of the asset and liability method whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse.

Net Income (Loss) Per Share

The Company follows the provisions of ASC 260, Earnings per Share . Basic net income (loss) per share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period. Basic and diluted losses per share are the same as all potentially dilutive securities are anti-dilutive.

Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock or conversion of notes into shares of the Company’s common stock that could increase the number of shares outstanding and lower the earnings per share of the Company’s common stock. This calculation is not done for periods in a loss position as this would be antidilutive.

Recent Accounting Updates

The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant impact on its results of operations, financial position or cash flow.

Note 2. Interim Financial Statements

The accompanying interim unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six month period ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. For further information, refer to the financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017.

Note 3. Discontinued Operations

On April 30, 2018, the Company ceased operations of its three Florida locations; PIV, PIC and PIN. These closures met the criteria to be reported as discontinued operations, as these changes had a major effect on the Company’s operations and financial results.

Therefore, the results of discontinued operations for the three and six months ended June 30, 2018 and 2017 include the historical results of the centres prior to their closure on April 30, 2018.

Assets and liabilities of discontinued operations are summarized below:


	30-Jun,		31-Dec,
	2018		2017

Assets of Discontinued Operations
Cash and Cash Equivalents	$	1,023	$	(912)
Accounts Receivable, net of Allowance for Doubtful accounts of $348,025, and $330,612, respectively		234,829		275,578
Prepaid Expenses		14,204		42,752
Total Current Assets	$	250,056	$	317,418

Property and Equipment, net of Accumulated Depreciation of $nil and $866,100, respectively		-		755,043
Deposits		8,102		8,102
TOTAL ASSETS	$	258,158	$	1,080,563

Liabilities of Discontinued Operations
Bank Overdraft	$	17,932	$	-
Accounts Payable		751,091		603,051
Accrued Expenses		12,216		31,396
Current Portion of Capital Lease Obligations		66,655		67,392
Current Portion of Promissory Notes		12,000		32,000
Total Current Liabilities	$	859,894	$	733,839

Capital Lease Obligations, less current portion		26,028		58,741
TOTAL LIABILITIES	$	885,922	$	792,580

Summarized results of the Company’s discontinued operations are as follows:


	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2018		2017		2018		2017
Revenue:
Sales	$	200,267	$	539,118	$	857,030	$	1,210,998
Cost of sales		161,844		271,119		472,577		558,355
Gross Margin		38,423		267,999		384,453		652,643

Operating Expenses		181,120		464,537		675,300		863,617
Income (Loss) from Operations		(142,697)		(196,538)		(290,847)		(210,974)
Total Other Income (Expenses)		(678,826)		(1,678)		(683,165)		2,575
Loss from discontinued operations		(821,523)		(198,216)		(974,012)		(208,399)

Note 4. Property and Equipment

Property and equipment are stated at cost. Depreciation is calculated using the straight - line method over the estimated useful life of the assets. At June 30, 2018 and December 31, 2017, the major class of property and equipment were as follows:


		June 30,		December 31,
		2018		2017	Estimated useful lives
Computer/Office Equipment	$	116,678	$	111,844	3-7 years
Medical Equipment		818,001		818,001	3-7 years
Leasehold Improvements		857,676		843,781	5-39 years
Computer/Office Equipment under capital lease		185,153		186,113	3-5 years
Medical Equipment under capital lease		115,444		115,444	5 years
Less: Accumulated Depreciation		(1,184,153)		(1,119,308)
Net Book Value	$	908,798	$	955,874

Depreciation expense was $33,844 and $65,565 for the three months ended June 30, 2018 and 2017, respectively.

Depreciation expense was $69,447 and $131,541 for the six months ended June 30, 2018 and 2017, respectively.

For the six months ending June 30, 2018 the Company has made purchases of $13,896 in equipment, $0 in leasehold improvements, and $11,846 in computer/office equipment.

Note 5. Operating Lease Commitments

CTS has a lease commitment for its new office space in Toronto, Canada of approximately $2,600 minimum rental per month, not including utilities, realty taxes, and operating costs. The lease will expire April 30, 2021.

SMI entered into a lease commitment for its office space in Pottsville, Pennsylvania. The lease will expire on July 30, 2021. Monthly rental amounts are $6,908 per month not including utilities, realty taxes, and operating costs.

SMI has a lease for its x-ray equipment space in Pottsville, Pennsylvania. The lease term is seven years from commitment date of October 2014. Monthly lease payments are $2,000.

SMI has a lease for use of x-ray equipment and space in Pottsville, Pennsylvania. The lease term is month to month. Monthly lease payments are $1,750.

PIV has a lease for office space in Venice, Florida. The lease will expire September 30, 2021. Monthly rental amounts are $13,170 per month.

PIN has a lease for office space in Naples, Florida. The lease will expire January 1, 2020. Monthly rental amounts are $9,543 per month.

Expected lease commitments as of June 30, 2018:


Year	Total
2018	$	205,326
2019		410,652
2020		296,136
2021		197,286
2022		-
Thereafter		-
	$	1,109,400

Note 6. Capital Lease Obligations

A detailed summary of the capital lease obligations is as follows:


Description	Monthly payments		Maturity Date	APR		30-Jun-18		December 31, 2017 Balance
SMI X-Ray Machine	$	1,495	15-Aug-19	6.32	%	$	20,131	$	28,315
SMI PACS/RIS System		3,115	1-Nov-19	5.69			50,761		67,725
SMI Copier		135	1-Aug-18	27.63			261		976
SMI Ascentrium		2,450	18-Nov-18	21.48			10,124		22,924
PIV,PIN,PIC PACS/RIS		3,094	1-Jan-20	4.22			56,770		73,925
PIV,PIN,PIC Digital Printers		423	24-Feb-19	9.9			3,260		5,568
CTS Computer		-	2-Feb-18	2.25			(0)		1,163
PIN CT Lease		2,332	1-Aug-19	0	%		32,648		46,640
Total	$	13,044				$	173,955	$	247,236

*Annual Percentage Rate (“APR”).

Minimum future lease payments under the capital leases as of June 30, 2018, are as follow:


Minimum Lease Payments	Total
2018	$	73,641
2019		102,858
2020		3,094

Total minimum lease payments		179,593
Less amount representing interest		5,638

Present value of minimum lease payments		173,955
Less current portion of minimum lease payments		129,611

Long-term capital lease obligations	$	44,344

Note 7. Promissory Notes

A detailed summary of the promissory notes is as follows:


Issuance Date	Maturity Date	APR		Payment Amount	Payments Frequency	June 30, 2018 Face Value Balance		December 31, 2017 Face Value Balance

16-Feb-16	23-Feb-17	12.00	%	1,000	Monthly	$	100,000	$	100,000
22-Feb-16	31-Aug-17	25.00	%	10,417	Monthly		500,000		500,000
22-Mar-16	22-Mar-17	12.00	%	-	Monthly		-		70,000
1-Jul-16	1-Aug-17	20.00	%	20,000	Monthly		36,000		160,000
18-May-17	1-Jul-19	20.00	%	15,000	Monthly*		165,000		165,000
8-Sep-17	30-Mar-18	19.00	%	3,667	Weekly		-		44,741
11-Jan-18	27-Jul-18	18.00	%	3,788	Weekly		18,181		-
28-Jul-17	26-Jul-18	39.00	%	1,419	Daily		-		237,584
20-Mar-18	19-Mar-19	39.00	%	1,145	Daily		153,064		-
7-Aug-17	16-Oct-18	33.00	%	213	Daily		15,960		42,560
Total Face Value							988,204		1,319,885
Unamortized Discount							(100,787)		(150,360)
Total						$	887,417	$	1,169,525

*Scheduled monthly payments of $15,000 for promissory note issued on May 18, 2017 will begin September 1, 2018.

Following are maturities of the long –term debt as of June 30, 2018:


	Principal Payments
2018	$	823,204
2019		165,000
	$	988,204

Note 8. Convertible Notes

On February 28, 2018, the Company renegotiated a promissory note previously issued on March 22, 2016 into a note that is convertible at $0.10 per share with a maturity date of February28, 2019 and a new balance of $80,000. The Balance of the note at June 30, 2018 is $70,532, net of $9,468 in unamortized discount. The note was originally $70,000 and sold on March 22, 2016 to a private investor. The Note pays interest monthly at an annual rate of 12%. As an inducement to purchase the Note, the investor was also given 200,000 shares of common stock of the Company.

On July 7, 2017 the Company issued a $153,000 convertible note to a non-affiliate. The note pays interest at a rate of 12% per annum, payable at maturity. The note holder has the right at any time following the initial 180 days of note issuance, to convert all or any part of the outstanding and unpaid principal amount of this note to shares of common stock. The conversion price shall equal the variable conversion price of 65% multiplied by the market price. The market price shall mean the average of the lowest three (3) VWAP’s for the common stock during the ten (10) trading day period ending on the latest complete trading day prior to the conversion date. “VWAP” shall mean the daily dollar volume-weighted average sale price for the common stock on the principal market on any particular trading day. Conversion is subject to limitation of 4.99% beneficial ownership of the outstanding shares of common stock. The notes maturity is January 5, 2019. Prepayment on the note within one hundred twenty-one (121) day from the issue date and ending one hundred eighty (180) days following the issue day is subject to 120% Prepayment amount.

On December 1, 2015, the holders of $1,840,000 Series B Notes have agreed to extend the maturity date of the debt outstanding to July 1, 2017 from its original maturity date of December 31, 2015. As part of the extension the Company issued warrants to entitle the holders to purchase up to 1,840,000 shares of common stock at an exercise price of $0.07 per share at any time from December 1, 2015 to July 1, 2018. The Company has valued the warrants at $0.0058 per issued share and recorded a total discount of $10,672 to be amortized over the 18-month extension period.

On March 31, 2016, the holders of $50,000 Series B Notes have agreed to extend the maturity date of the debt outstanding to September 1, 2017 from its original maturity date of March 31, 2016. As part of the extension the Company issued warrants to entitle the holders to purchase up to 50,000 shares of common stock at an exercise price of $0.07 per share at any time from March 31, 2016 to September 30, 2018. The Company has valued the warrants at $0.00278 per issued share and recorded a total discount of $139 to be amortized over the 18-month extension period.

On March 31, 2016, the holder of $25,000 Series B Notes has agreed to extend the maturity date of the debt outstanding to September 1, 2019 from its original maturity date of March 31, 2016. As part of the extension the Company issued warrants to entitle the holders to purchase up to 25,000 shares of common stock at an exercise price of $0.07 per share at any time from March 31, 2016 to September 30, 2019. The Company has valued the warrants at $0.00583 per issued share and recorded a total discount of $146 to be amortized over the 30-month extension period.

On May 22, 2014, the Company sold, through private placement to accredited investors, three-year 12% convertible notes (“Series C Notes”) in the aggregate principal amount of $95,000. The Notes bear interest at a rate of 12% per annum, payable to the holder at1% per month, with the principal amount due on May 31, 2017. The Notes are convertible into shares of the Company’s common stock at an initial conversion rate of $0.15 per share. In addition, each holder of Series C Notes received shares dependent on the dollar amount of Notes purchased. On August 25, 2014, October 31, 2014 and February 17, 2015, the Company sold an additional $75,000, $50,000 and $20,000, respectively of Series C Notes. The total number of shares of common stock issued was 240,000 shares.

On March 26, 2014, the Company issued a $300,000 convertible note to a non-affiliate. The note pays interest at a rate of 12% per annum, payable to the holder at 1% per month. In addition to interest payments, the Company is making monthly payments of $5,000 towards the principal balance beginning June 1, 2014 until the note due date of February 28, 2018. The note is convertible into common shares of the Company at $0.15 per share. In addition, the purchaser of the note received 300,000 shares as part of the note agreement. As of June 30, 2018, principal balance of the note was $70,082.

In accordance with ASC 470, Debt with conversion and other options, on issuance of the shares, the Company recognized additional paid-in capital and a discount against the notes for a total of $183,000. Amortization of the discount for the six months ended June 30, 2018 and 2017 was $130,372 and $4,587, respectively.

In accordance with ASC 480, Distinguishing Liabilities from Equity, the Company determined that the warrants are a freestanding instrument based on the following:

The debt can be transferred without the transfer of the warrants.

The warrants can be transferred without the transfer of the debt.

The warrants can be exercised while debt still outstanding.

In accordance with ASC 470, if the warrants are classified as equity, then the proceeds should be allocated based on the relative fair values of the base instrument and the warrants were valued at $0.0058 per issued share and recorded a total discount of $10,672 to be amortized over 18 months’ extension period. Amortization of the discount for the three months ended June 30, 2018 and 2017 was $0 and $3,545, respectively.


Issuance Date	Maturity Date	APR		Conversion Rate		Monthly Payment		June 30, 2018 Face Value Balance		December 31, 2017 Face Value Balance
3-Dec-12	1-Jul-17	12.0	%	$	0.10	$	250	$	25,000	$	25,000
25-Jan-18	1-Aug-18	12.0			0.01		750		45,000		75,000
3-Dec-12	1-Jul-17	12.0			0.10		250		50,000		50,000
3-Dec-12	1-Jul-17	12.0			0.10		260		26,000		26,000
3-Dec-12	1-Jul-17	12.0			0.10		250		25,000		25,000
3-Dec-12	1-Jul-17	12.0			0.10		250		25,000		25,000
3-Dec-12	1-Jul-17	12.0			0.10		250		25,000		25,000
3-Dec-12	1-Jul-17	12.0			0.10		15,000		1,500,000		1,500,000
3-Dec-12	1-Jul-17	12.0			0.10		500		50,000		50,000
3-Dec-12	1-Jul-17	12.0			0.10		150		15,000		15,000
3-Dec-12	1-Jul-18	12.0			0.01		-		237		237
27-Mar-13	30-Sep-17	12.0			0.10		250		25,000		25,000
27-Mar-13	30-Sep-17	12.0			0.10		250		25,000		25,000
27-Mar-13	30-Sep-19	12.0			0.10		250		25,000		25,000
22-May-14	31-May-17	12.0			0.15		500		50,000		50,000
22-May-14	31-May-17	12.0			0.15		225		22,500		22,500
22-May-14	31-May-17	12.0			0.15		225		22,500		22,500
25-Aug-14	31-Jul-17	12.0			0.15		500		50,000		50,000
25-Aug-14	31-Jul-17	12.0			0.15		250		25,000		25,000
31-Oct-14	31-Oct-17	12.0			0.15		500		50,000		50,000
17-Feb-15	17-Feb-18	12.0			0.15		200		20,000		20,000
1-Mar-18	28-Feb-19	12.0			0.1		800		80,000		-
26-Mar-14	28-Feb-18	12.0			0.15		5,701		70,082		125,082
7-Jul-17	5-Jan-19	12.0			Variable		-		103,000		153,000
Total Face Value								$	2,354,319	$	2,409,319
Unamortized Discount									(62,187)		(188)
Total								$	2,292,132	$	2,409,131

Following are maturities of the long –term debt as of June 30, 2017:


	Principal Payments
Overdue	$	2,056,237
2018		90,082
2019		208,000
Total	$	2,354,319

Note 9. Royalty Financing

On October 31, 2014, the Company entered into a royalty purchase agreement with Grenville Strategic Royalty Corp. (“Grenville”) for the amount of $2,000,000. The agreement calls for a monthly payment to Grenville based on a percentage of the total of certain revenue items and subject to a minimum payment amount until $8,000,000 has been paid. The amount financed is recorded net of discount to be amortized during the term. For the six months ended June 30, 2018 and 2017, the Company has recorded discount amortization expense of $212,669 and $212,691, respectively. The balance as shown on the consolidated balance sheet as of June 30, 2018, was $2,645,452, net of $4,664,825 in unamortized discount. The balance as shown on the consolidated balance sheet as of December 31, 2017, was $2,432,783, net of $4,877,494 in unamortized discount. As of June 30, 2018, the Company paid a total of $689,723 in royalty payments. Additionally, the Company has accrued $1,038,855 in unpaid royalty fees from August 2016 to June 2018.

Note 10. Related Party Transactions

In 2018 the Company entered into into an agreement with a company that is owned and controlled by a major shareholder to provide consulting services. Fees payable for performance of the consulting services are $13,000 per month. Previously in January 2015, the Company entered into an agreement with the same company for performance of the consulting services are $10,000 per month. In addition to the monthly fees, in 2015, the consultant was paid at signing of the agreement, four million two hundred thousand (4,200,000) options to purchase common stock of the client at an exercise price of $0.15 per share with an expiry date of December 31, 2019.The options have a five (5) year term. Inputs used in Binomial Option Pricing model were as follow: stock price at grant date: $0.0517, exercise price $0.15, expected life of the option two and a half (2.5) years, volatility of 70%, and risk free rate of 0.03%. The options were recorded on the grant date at a value of $34,683. Fees incurred to the related party consultant for the six months ended June 30, 2018 and 2017 were $78,000 and $60,000, respectively, and are included as an expense in Legal and Professional fees in the accompanying statement of operations for the period.

During the six months ended June 30, 2018 our CEO loaned the company $54,752 which is due on demand and pays interest at a rate of 12%.

Note 11. Common Stock Transactions

On February 22, 2018, 1,300,000 shares were issued for the conversion of convertible promissory notes at a value of $13,000.

On February 12, 2018, 1,006,711 shares were issued for the conversion of convertible promissory notes at a value of $15,000.

On February 7, 2018, 1,700,000 shares were issued for the conversion of convertible promissory notes at a value of $17,000.

On January 17, 2018, 865,801 shares were issued for the conversion of convertible promissory notes at a value of $20,000.

On January 10, 2018, 627,615 shares were issued for the conversion of convertible promissory notes at a value of $15,000.

Note 12. Income Tax

The Company follows ASC 740, Income Taxes , which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between consolidated financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.

The provisions of ASC 740 require companies to recognize in their financial statements the impact of a tax position if that position is more likely than not to be sustained upon audit, based upon the technical merits of the position. ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken on a tax return. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods and disclosure.

Management does not believe that the Company has any material uncertain tax positions requiring recognition or measurement in accordance with the provisions of ASC 740. Accordingly, the adoption of these provisions of ASC 740 did not have a material effect on the Company’s financial statements. The Company’s policy is to record interest and penalties on uncertain tax positions, if any, as income tax expense.

Note. 13. Going Concern

As shown in the accompanying consolidated financial statements, the Company incurred net comprehensive loss of $975,471, and $1,579,683 for the three and six months ended June 30, 2018, respectively, as well as a working capital deficit of $7,880,332 at June 30, 2018. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern. Management plans to raise additional financing in order to continue its operations and fulfill its debt obligations in 2018, but there can be no assurances that the plan will be successful. These consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

Note 14. Subsequent events

On October 1, 2018, Medical Imaging Corp. (the “Company”) sold its interest in its operating subsidiary Schuylkill Open MRI, Inc. (“SMI”) for $2,250,000. After all of the debts of SMI were paid, including Company IRS liens, the secured debt owed to Flow Capital, CTS subsidiary secured debts, and transaction closing costs, the net amount of proceeds to the Company was approximately $400,000.

In conjunction with the sale of SMI, the Company paid its secured debt obligation to Flow Capital of nearly $625,000. Additionally, the Company restructured its royalty agreement with Flow Capital such that the new royalty has been reduced with a minimum monthly payment of $6,000. As part of the new agreement with Flow Capital, 4,000,000 shares of Company common stock were issued to Flow Capital and the royalty has been granted a first security position on all Company assets.

The Company evaluated subsequent events through the date the consolidated financial statements were issued.

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

Forward Looking Statements

This Form 10-Q quarterly report of Medical Imaging Corp. (the “Company”) for the six months ended June 30, 2018, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. To the extent that there are statements that are not recitations of historical fact, such statements constitute forward-looking statements that, by definition, involve risks and uncertainties. In any forward-looking statement, where the Company expresses an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the statement of expectation or belief will be achieved or accomplished.

The following are factors that could cause actual results or events to differ materially from those anticipated, and include, but are not limited to: variations in revenue; possible inability to attract investors for its equity securities or otherwise raise adequate funds from any source should the Company seek to do so; increased governmental regulation; increased competition; unfavorable outcomes to litigation involving the Company or to which the Company may become a party in the future; and a very competitive and rapidly changing operating environment.

Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date hereof. The Company believes the information contained in this Form 10-Q to be accurate as of the date hereof. Changes may occur after that date, and the Company will not update that information except as required by law in the normal course of its public disclosure practices.

Additionally, the following discussion regarding the Company’s financial condition and results of operations should be read in conjunction with the financial statements and related notes contained in Item 1 of Part 1 of this Form 10-Q, as well as the financial statements in Item 8 of Part II of the Company’s Form 10-K for the fiscal year ended December 31, 2017.

Business description

MIC is a U.S.-based healthcare services Company with a specific focus on medical diagnostic imaging. We currently own and operate five wholly-owned subsidiaries: CTS, SMI, PIV, PIN, and PIC. With operations in the U.S. and Canada, our Company is executing a growth strategy centered on acquiring and operating profitable medical diagnostic imaging facilities and imaging services businesses with a goal of profitably increasing revenues.

MIC’s mission is to provide quality medical diagnostic imaging services to its patients and client hospitals across North America, delivering convenience, accuracy and the highest standards of care and service. Our Company’s mandate is to make available, on a timely basis, valued-based on-site and remote medical imaging services for patients, hospitals, workers’ compensation boards and insurance companies.

CTS

CTS provides remote reading and reporting of medical diagnostic imaging scans, otherwise known as Teleradiology, for rural hospitals and clinics in Canada. Our network of board certified radiologists providing medical imaging interpretations for our clients, helping to speed diagnoses, while seeking to improve outcomes and enhance patient care.

On a 24/7/365 basis, CTS receives diagnostic imaging scans from hospitals, clinics and referring physicians, and transmits them to qualified radiologists, who are typically located in large urban medical centers. The receiving radiologist reads and interprets the diagnostic images and associated clinical data and prepares medical reports on the findings, which are in turn transmitted to the client allowing the hospital or physician to continue with patient care.

CTS specializes in reading Magnetic Resonance Imaging (MRI), Computed Tomography (CT), Positron Emission Tomography (PET), Ultrasound (US), Nuclear Medicine (NM), Digital Mammography (MAMMO), X-Ray and Bone Mineral Densitometry (BDM) modalities.

CTS uses a leading brand Picture Archiving and Communications System (PACS) to ensure high resolution images can be delivered for interpretation in a quick, secure and highly dependable manner. CTS also works with our third-party IT Company to ensure the workstations used by our contracted radiologists and CTS servers are functioning properly.

Guided by the Canada Health Act of 1984, healthcare in Canada is delivered through a publicly funded healthcare system, which is mostly free at the point of use and has most services provided by private entities. CTS’ revenues are derived from service agreements we enter into with hospitals, clinics and other medical facilities where patients are treated. Fees for services provided by CTS are billed to the government by each CTS client, which, upon being paid by the government, remits payment to CTS in accordance with the contracted payment terms.

CTS primary growth objectives are concentrated on optimizing our current contract portfolio and increasing our share of the Teleradiology market in the province of Ontario, expanding our geographic service region to include penetrating other Canadian provinces, and scaling our Canadian network of board certified radiologists to ensure effective support of our geographic expansion initiatives.

SMI

SMI operates a medical imaging facility serving patients in Schuylkill County, Pennsylvania. SMI has provided high quality medical diagnostic imaging services for more than 16 years in a caring, safe and convenient environment. Located in Pottsville, Pennsylvania and accredited by the American College of Radiology, SMI has the first and only Open MRI in Schuylkill County and has earned a strong reputation within the communities it serves through its board-certified radiologists, highly trained technologists, medical equipment and advanced technology matched with high quality care and service.

Our facility currently houses two types of MRI systems; Our digital imaging equipment includes a Siemens Concerto Open MRI System, as well as a closed 1.5 T Siemens Symphony MRI System. The open MRI system is open on three sides, providing a panoramic 270° view – ideal for pediatric patients and those who may suffer from claustrophobia or are large bodied. SMI is capable of facilitating MRI procedures that include cranial, spinal, abdominal, pelvic, musculoskeletal and head/neck scans.

SMI’s business is highly reliant upon referrals from area physicians and group practices and does not maintain dedicated or contractual relationships with hospitals or clinics. In fact, hospitals and clinics may compete with SMI to provide services to patients. We believe that our community presence assists referring physicians with further enhancing their practices by providing well-coordinated and responsive care to their patients who require diagnostic imaging services. Therefore, we maintain an active outreach program, with the goal of seeing that the SMI brand and quality service offerings are well represented and communicated to practicing physicians in the region and to local healthcare consumers who exercise their own personal discretion in determining at what local medical imaging facility they choose to have their imaging procedures performed.

Florida Operations (PIV, PIN, PIC)

On April 30 ^th , 2018, the Company closed its operations in Florida.

MIC owned three diagnostic centers in the State of Florida, operating under the names of Partners Imaging Center of Venice, LLC, Partners Imaging Center of Charlotte, LLC, and Partners Imaging Center of Naples, LLC. These centers have been operating under the Partners name for more than seven years and have been in their respective locations from 9 to 16 years. The centers rely on referring physicians and marketing efforts to drive business. The centers offer a 1.5T MRI and 16 slice CT in Naples, a 1.5T MRI in Charlotte, and 3T MRI, 16 slice CT, ultrasound and X-ray at the Venice location. Reports are provided to the patients’ physician within 24 hours and as quick as 60 minute for emergency exams.

The centers have dedicated marketing personnel that work to ensure we have a presence both in the community and to meet the needs of our referring physicians.

Canadian Government Regulation

Healthcare services in Canada are subject to extensive regulation by the Canadian federal government, as well as the governments of the provinces and territories in which we business is conducted. A diagnostic imaging clinic or hospital must be licensed by the Ministry of Health and sanctioned by the College of Physicians and Surgeons in the province in which it is located. CTS radiologist must be licensed to work in the province for which they report. CTS must follow strict protocols and systems as laid in place by each client hospital and uses appropriate medical software for transferring patient data.

In addition to extensive existing Canadian government healthcare regulation, there could be at the federal and provincial levels reforms affecting the payment for and availability of diagnostic healthcare services. Limitations on reimbursement amounts and other cost containment pressures could result in a decrease in the revenue we expect to receive for each scan we perform. At this time, it is not clear what proposals, if any, will be adopted or, if adopted, what affect these proposals would have on our business.

U.S. Government Regulation

Our U.S. subsidiaries are subject to extensive regulation under federal, State, and local laws. This includes, but is not limited to complying with HIPPA, accreditation standards, Medicare/Medicaid and private insurance standards. Generally, our MRI facilities must be licensed by the state, unless we can qualify for an applicable exemption. In addition, we believe that our business will continue to be subject to increasing regulation, the scope and effect of which we cannot predict.

Competition

We compete with numerous private diagnostic imaging clinics and both private and public hospitals. We also compete for the hiring of qualified medical experts and MRI, CT and x-ray technicians to perform and evaluate the diagnostic imaging scans. Most of our current competitors have, and our future competitors are expected to have, greater resources than us. Therefore, our ability to compete largely depends on our financial resources and capacity.

Customers

Between direct hospital contracts and satellite hospitals that feed into the main hospital, we have a client roster of 15 hospitals that utilize CTS. The loss of any of these clients would have a negative impact on the Company.

The diagnostic imaging centers rely on a referral base of specialized and family practitioners in each respective community. The average center may have over 100 local physicians that refer patients to us for medical imaging services. In addition, each center uses marketing efforts and community involvement to reach out and educate patients that they have a choice as to where to have a scan.

For our Florida centers, we have a sizeable amount of self-pay patients in the winter time from foreign visitors.

Employees

MIC currently has one full time executive (Chief Executive Officer), one part time executive (Chief Financial Officer) and approximately 40 employees who include accounting staff, administrators, as well as technical employees and imaging center location managers. In addition, the Company employs as many as 40 sub-contractors who are physicians, radiologists, accountants, business development consultants, clerical staff and IT professionals.

Operations

CTS

In the second quarter, focus was put on preparing for the new CTS client hospital, including workflow adjustments, hiring new radiologists and credentialing. Demand for CTS services with existing clients remained strong with year over year revenue increase as the company continues to meet the needs and requirements of emergency rooms.

SMI

The second quarter continued a strong trend of consistency in patient visits and a slight increase in year over year revenue. Attention to ensuring community support, building relationships with referring offices and providing the best in patient care continues to be the clinics focus.

PIV, PIN, PIC, (Florida)

The Company closed its Florida operations on April 30 ^th , 2018.

Overall Operating Results:

For the three months ended June 30, 2018, revenues were $1,383,371 compared to $1,252,029 for the three months ended June 30, 2017, an increase of 10.5% or $131,342. The increase in revenues is primarily from teleradiology services and owing to an increase in readings from existing hospital clients.

For the three months ended June 30, 2018 cost of sales was $861,652, compared to $762,500 for the three months June 30, 2017; an increase of $99,152 or 13%. The increase was due to an increase in additional costs directly related to revenue billing activities.

Operating expenses for the three months ended June 30, 2018 and 2017 totalled $369,960 and $461,355, respectively, a decrease of $91,395 or 20%, owing to the following:

During the three months ended June 30, 2018, we incurred $169,012 in labor expenses as compared to $172,352 for the three months ended June 30, 2017.

During the three months ended June 30, 2018, we incurred $53,509 in general and administrative costs as compared to $71,210 for the three months ended June 30, 2017. The decrease in general and administrative costs is owing to reduced staff at our head office.

During the three months ended June 30, 2018, we incurred $33,844 in depreciation expense, as compared to $65,565 for the three months ended June 30, 2017. The decrease in depreciation expense is due to equipment being fully depreciated and some equipment disposals.

During the three months ended June 30, 2018, we incurred $7,279 in legal and professional fees compared to $40,789 in the three months ended June 30, 2017.

During the three months ended June 30, 2018 we incurred $15,000 in bad debt expense compared to $11,702 for the three months ended June 30, 2017.

During the three months ended June 30, 2018, we incurred $6,287 in management fees as compared to $4,579 for the three months ended June 30, 2017.

During the three months ended June 30, 2018, we incurred $2,077 in advertising and promotion, as compared to $14,940 for the three months ended June 30, 2017. The decrease was due to the closure of our Florida operations.

During the three months ended June 30, 2018, we incurred $64,249 for rent, and $10,887 for insurance, as compared to $57,348 in rent and $10,404 in insurance for the three months ended June 30, 2017.

For the three months ended June 30, 2018, net loss was $975,471 as compared to a net loss of $469,030 for the three months ended June 30, 2017, the increase in net loss is primarily due to loss from discontinued operations in Florida.

For the six months ended June 30, 2018, revenues were $2,738,116 compared to $2,384,301 for the six months ended June 30, 2018, an increase of 15% or $353,815. The increase in revenue is owing to an increase in readings from existing hospital clients from our Teleradiology business.

For the six months ended June 30, 2018 cost of sales was $1,772,524, compared to $1,455,961 for the six months June 30, 2017; an increase of $316,563 or 22%. The slight increase is due to an increase in directly related revenue billing activities.

Operating expenses for the six months ended June 30, 2018 and 2017 totalled $891,193 and $1,003,180, respectively, a decrease of $111,987 or 11%, owing to the following:

During the six months ended June 30, 2018, we incurred $347,676 in labor expenses as compared to $364,877 for the six months ended June 30, 2017.

During the six months ended June 30, 2018, we incurred $108,192 in general and administrative costs as compared to $131,046 for the six months ended June 30, 2017.

During the six months ended June 30, 2018, we incurred $69,447 in depreciation expense, as compared to $131,541 for the six months ended June 30, 2017. The decrease in depreciation expense is due to equipment being fully depreciated and some equipment disposals.

During the six months ended June 30, 2018, we incurred $157,487 in legal and professional fees compared to $103,892 in the six months ended June 30, 2017. This was due to increased primarily to increased consulting costs.

During the six months ended June 30, 2018 we incurred $29,021 in bad debt expense compared to $80,257 for the six months ended June 30, 2017.

During the six months ended June 30, 2018, we incurred $9,404 in management fees as compared to $8,462 for the six months ended June 30, 2017.

During the six months ended June 30, 2018, we incurred $6,636 in advertising and promotion, as compared to $23,877 for the six months ended June 30, 2017. The decrease was due to closure of our Florida operation and less head office required travelling.

During the six months ended June 30, 2018, we incurred $123,728 for rent, and $20,865 for insurance, as compared to $117,298 in rent and $20,872 in insurance for the six months ended June 30, 2017.

For the six months ended June 30, 2018, net loss was $1,579,683 as compared to a net loss of $859,289 for the six months ended June 30, 2017, the increase in net loss is primarily due to the loss from discontinued operations.

Liquidity and Capital Resources:

The Company used a combination of capital financing and revenues from operations to fund its acquisitions and working capital. The Company from time to time has sold shares of common stock and warrants and issued convertible notes. For the six months ended June 30, 2018 the Company borrowed $54,752 from its CEO but sold no other shares or debt as compared to the six months ended June 30, 2017, it raised $100,000 from the issuance of promissory notes.

The Company’s operations have produced $1,383,371 and $2,738,116 of revenues for the three and six months ended June 30, 2018, respectively, which have been used to fund its operating expenses and to reduce its liabilities.

Based on the debt payment obligations of the Company that are due within the next 12 months, there is doubt about its ability to continue as a going concern, and the Company’s continued operations therefore are dependent upon either increasing revenues or adequate additional financing being raised, or both, to enable it to continue its operations as currently conducted. As a result of this and other factors, the report of our independent auditors, dated May 10, 2018, on our consolidated financial statements for the period ended December 31, 2017 included an emphasis of matter paragraph indicating that there is a substantial doubt about the Company’s ability to continue as a going concern. Alternatively, the Company could adjust some of its operational requirements or modify some of its debt obligations; however, these changes may not necessarily provide sufficient funds to continue as a going concern in the event that the Company is unable to continue as a going concern, it may be forced to realize upon its assets or even elect or be required to seek protection from its creditors as provided by law or be subject to claims by creditors or a general creditor action. To date, management has not considered these alternatives as a likely outcome, since it has continuing revenues from operations and is considering capital raising actions.

As of June 30, 2018, our assets totaled $3,221,930 which consisted of cash balances, accounts receivable, prepaid expenses, deposits, goodwill and property and equipment. As of June 30, 2018, our total liabilities consisted of accounts payable and accrued liabilities of $2,998,474, capital lease obligations of $81,277, promissory notes of $875,418, Royalty financing of $2,645,452 (net of discount), and non-related party convertible notes of $2,292,132. As of June 30, 2018, we had an accumulated deficit of $9,747,150 and a working capital deficit of $7,880,332.

Promissory Notes:

As of June 30, 2018, the Company had promissory notes due to non–related parties for a total amount of $875,418 .

On July 28, 2017, the Company’s CTS subsidiary received $291,500 in Canadian funds from the sale of a promissory note to Think Capital. The note calls for daily payment each business day for 248 payments of $1,419 in Canadian funds. On December 6, 2017 the Company’s CTS subsidiary received an additional $93,674 in Canadian funds from a top up transaction for the note which resulted in a payment extension. On March 14, 2018, the Company renegotiated with Think Capital to extend the maturity date of the note and reduce the daily payments to $1,145 each business day.

On July 26, 2017, the Company’s Partners Imaging Center of Naples, LLC subsidiary received $48,000 in exchange for 300 daily payments of $212.80.

On May 17, 2017, the Company received $100,000 from forward sale of receivables. In accordance with ASC 860, Transfers and Servicing , (“ASC 860”) the sale of future accounts receivable as per the agreements does not represent a sale of accounts receivable for accounting purposes and as such, the transaction will be presented in the consolidated financial statements as a promissory note. The forward sale of receivable does not carry a security interest and the only recourse is against accounts receivable. The forward sale of receivables calls for eleven monthly payments of $15,000 towards the principal balance and interest starting September 1, 2018

On October 3, 2016, the Company received $113,625 from a promissory note to On Deck Capital Inc from a forward sale of receivables. In accordance with ASC 860, Transfers and Servicing, (“ASC 860”) the sale of future accounts receivable as per the agreements does not represent a sale of accounts receivable for accounting purposes and as such, the transaction will be presented in the consolidated financial statements as a promissory note. The forward sale of receivable does not carry a security interest and the only recourse is against accounts receivable. The forward sale of receivables calls for sixty-five weekly payments of $2,976.92 towards the principal and interest starting October 5, 2016.

On July 1, 2016, the Company received $350,000 from forward sale of receivables. In accordance with ASC 860, Transfers and Servicing , (“ASC 860”) the sale of future accounts receivable as per the agreements does not represent a sale of accounts receivable for accounting purposes and as such, the transaction will be presented in the consolidated financial statements as a promissory note. The forward sale of receivable does not carry a security interest and the only recourse is against accounts receivable. The forward sale of receivables calls for twenty monthly payments of $20,000 towards the principal balance and interest starting August 1, 2016.

On March 22, 2016, the Company sold additional $70,000 in a bridge convertible promissory note to a private investor. The Note pays interest monthly at an annual rate of 12%. As an inducement to purchase the Note, the investor was also given 100,000 shares of common stock of the Company. The Note is due on March 22, 2017 but may be converted into a future financing of notes sold by the Company. On February 28, 2018, the Company renegotiated this note into a note that is convertible at $0.10 per share with a maturity date of February28, 2019 and a new balance of $80,000. The Balance of the note at June 30, 2018 is $70,532, net of $9,468 in unamortized discount.

On March 2, 2016, promissory notes with balance owing of $58,581 as of December 31, 2015, were paid off in full.

On February 25, 2016, the Company sold to Grenville Strategic Royalty Corp. (“Holder”) a convertible note for the principal amount of $500,000. The Note pays interest monthly at an annual rate of 25%. From July 30, 2016 through to August 31, 2017, the Holder may elect to convert the Note into a temporary royalty and receive a monthly payment equal to a specified percentage of the Company’s revenue for the previous month, subject to certain minimum payments, in lieu of interest payments. However, in such case the Company may still buy back the temporary royalty for the original face value of the Note. If the Note is outstanding as of August 31, 2017, then the Note may be converted into a permanent royalty based on the revenues of the Company (the “Royalty”) at the Holder's election, subject to certain minimum payments. The Holder will maintain a security interest in the Company until such time as the Note is retired, the Company raises $1,200,000 in additional capital, or the Note is converted into the Royalty. The balance of the note at June 30, 2018 is $500,000.

On February 23, 2016, the Company sold a bridge convertible promissory note for $100,000 to a private investor. The Note pays interest monthly at an annual rate of 12%. As an inducement to purchase the Note, the investor was also given 100,000 shares of common stock of the Company. The note is due on February 23,2017 but may be converted into a future financing of notes sold by the Company.

Convertible Notes:

As of June 30, 2018, the Company had convertible notes due to non–related parties for a total amount of $2,292,132 .

On February 17, 2015, the Company issued, through a private placement to an accredited investor, an additional Series C Note in the principal amount of $20,000 and has issued 20,000 shares of common stock of the Company accordingly.

In May 2014, the Company received proceeds of $50,000 through a private placement from an accredited investor, and in June 2014 the Company assigned $25,000 of the SMI acquisition liability that was due as part of SMI acquisition to loans payable. The funds were held in escrow by the Company until the offer and sale was registered with the appropriate state securities regulator and the Series C convertible note was issued to the investors. On August 25, 2014 $75,000 Series C Notes were issued to the investors and 75,000 shares of common stock of the Company were also issued.

On May 22, 2014, the Company issued, through a private placement to accredited investors, three-year 12% convertible notes (“Series C Notes”) in the aggregate principal amount of $95,000. The Series C Notes bear interest at a rate of 12% per annum, payable to the holder at1% per month, with the principal amount due on May 31, 2017. The Series C Notes are convertible into shares of the Company’s common stock at an initial conversion rate of $0.15 per share. In addition, each holder of Series C Notes received shares dependent on the dollar amount of Notes purchased. The total number of shares of common stock issued was 95,000 shares. A detailed schedule of the Series C Notes is presented in Note 6 to the consolidated financial statements. On October 31, 2014, the Company sold, through a private placement to accredited investor, an additional Series C Note in the principal amount of $50,000 and has issued 50,000 shares of common stock of the company accordingly.

On March 26, 2014, the Company issued a $300,000 convertible note to a non-affiliate. The note pays interest at a rate of 12% per annum, payable to the holder at 1% per month. In addition to interest payments, the Company is making monthly payments of $5,000 towards the principal balance beginning June 1, 2014 until the note due date of February 27, 2018. The note is convertible into common shares of the Company at $0.15 per share. In addition, the purchaser of the note received 300,000 shares as part of the note agreement. A detailed schedule of this note is presented in Note 6 to the consolidated financial statements. As of June 30 2018, principal balance of the note was $70,082.

On December 5, 2012 and March 27, 2013, the Company sold, through a private placement to accredited investors, three-year 12% convertible notes (“Series B Notes”) in the aggregate principal amount of $1,865,000, and $365,000, respectively. The Series B Notes pay interest at a rate of 12% per annum, payable to the holder at 1% per month, and convertible into common shares of the Company at $0.10 per share. $1,840,000 of the notes mature July 1, 2017, $50,000 mature September 1, 2017, $25,000 mature September 1, 2019, and $100,000 of the notes mature on May 31, 2016. In addition, each purchaser of the Series B Notes received shares dependent on the dollar amount of Series B Notes purchased. The total number of shares of common stock issued was 5,315,000 shares. A detailed schedule of the Series B Notes is presented in Note 6 to the consolidated financial statements. $1,840,000 of Series B Notes original maturity was extended to their current maturity of July 1, 2017 in consideration of warrants to purchase shares in equal number of one share for every $1 of note at an exercise price of $0.07 per share, which warrants will be exercisable from November 16, 2015 to and including July 1, 2018. $50,000 of series B Notes original maturity was extended to their current maturity of September 1, 2017 in consideration of warrants to purchase shares in equal number of one share for every $1 of note at an exercise price of $0.07 per share, which warrants will be exercisable from March 25, 2016 to September 1, 2018. $25,000 of series B Notes original maturity was extended to their current maturity of September 1, 2019 in consideration of warrants to purchase shares in equal number of one share for every $1 of note at an exercise price of $0.07 per share, which warrants will be exercisable from March 25, 2016 to September 1, 2019.

Royalty Financing:

A royalty financing arrangement was entered on October 31, 2014 with Grenville Strategic Royalty Corp. The royalty was purchased for $2,000,000 in return for a series of payments based on a percentage of certain revenue items of the Company. The Company and the royalty holder may agree to a subsequent increase in the amount of the royalty purchase by up to an additional $1,000,000. The royalties are payable monthly, subject to an agreed upon minimum amount. The royalty holder may advance additional sums in which case the royalty payment percentage and minimum amounts will be adjusted. The royalty payments will extend for a period of up to 10 years, which may be shortened if, depending on the amount of the royalty purchase, the Company has paid an agreed upon aggregate royalty amount. The Company has certain rights to buy out the royalty payments, including in the event of a change of control of the Company, which are calculated based on a variable formula at a multiple of the purchase amount and other factors.

The Company intends to explore capital raising options in the near term which may include the issuance of additional debt and the sale of equity or equity based securities. The Company has no agreements or arrangements for additional capital at this time. There can be no assurance that it will be able to raise additional capital, or if funds are offered, that they will on terms acceptable to the Company. A substantial amount of the assets of the Company, held through its subsidiaries, are pledged to secure certain debt; therefore, the ability of the Company to issue secured debt may be limited or require waivers or modifications to the current outstanding debt, which the current lenders do not have to provide.

Off Balance Sheet Arrangements

None.

New Accounting Pronouncements

There were various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company’s condensed consolidated financial position, results of operations or cash flows.

Item 3 – Quantitative and Qualitative Analysis of Market Risks

There are no material changes in the market risks faced by us from those reported in our Annual Report on Form 10-K for the year ended December 31, 2017.

Item 4T. – Controls and Procedures

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in the Company’s reports filed or submitted under the Securities Exchange Act of 1934 (the “Exchange Act”) is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in the Company’s reports filed under the Exchange Act is accumulated and communicated to management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this quarterly report, management carried out an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this quarterly report.

Limitations on Effectiveness of Controls and Procedures

Our management, which includes our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our Company have been detected. These inherent limitations include, but are not limited to, the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

Changes in Internal Controls over Financial Reporting

In connection with the evaluation of our internal controls, our principal executive officer and principal financial officer have determined that during the period covered by this quarterly report, there have been no changes to our internal controls over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

PART II

ITEM 1. Legal Proceedings

N/A

ITEM 1A. Risk Factors

Not Applicable

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

None

ITEM 3. Defaults Upon Senior Securities

None

ITEM 4. Mine Safety Disclosures

None

ITEM 5. Other Information

None

ITEM 6. Exhibits

(a) Exhibits.


Exhibit No.		Description

31.1		Certification of Chief Executive Officer, pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002 *
31.2		Certification of Chief Financial Officer, pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002 *
32.1		Certification of Chief Executive Officer and Chief Financial Officer, pursuant to 18 United States Code Section 1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002 *


101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema
101.CAL		XBRL Taxonomy Extension Calculation Linkbase
101.DEF		XBRL Taxonomy Extension Definition Linkbase
101.LAB		XBRL Taxonomy Extension Label Linkbase
101.PRE		XBRL Taxonomy Extension Presentation Linkbase

* Filed herewith.

In accordance with 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.


	MEDICAL IMAGING CORP.


	By:	/s/ Mitchell Geisler
		Mitchell Geisler
		Chief Executive Officer & Chief Financial Officer (Principal Financial Officer)

	Date:	October 31, 2018

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MEDD Medical Imaging Corporation (CE)