Grapefruit Boulevard Investments, Inc. (GBI) entered into a letter of intent to acquire Imaging3, Inc. (OTCPK:IGNG) in a reverse merger transaction on March 11, 2019. The parties entered into a definitive share exchange agreement on April 27, 2019. At closing, Imaging3 will have approximately 387.97 million common shares issued and outstanding, subject to adjustment, of which GBI management will own approximately 230.22 million shares or approximately 60% of the then outstanding common shares of Imaging3. In the aggregate, the shares of IGNG Stock issuable to the GBI shareholders will be approximately 81% of the total issued and outstanding shares of common stock of IGNG. As a result, the former Grapefruit shareholders will own approximately 81% of the post-Acquisition IGNG common shares and the current IGNG shareholders will retain 19% of the post-Acquisition IGNG common shares. Concomitantly with the successful closing of the acquisition, all rights to the Imaging3’s intellectual property, assets and funding raised relating to its Dominion imaging technology will be assigned and transferred to a new, private closely-held company (the Dominion Company) to be owned by post-acquisition Imaging3, GBI's designees, current Imaging3 management and Board members, and certain other persons currently associated with Imaging3, as finally negotiated by all of the parties to the agreement. The Dominion Company will thereafter execute its business plan as previously articulated in Imaging3’s periodic reports to the SEC separately from the cannabis operation. In order to achieve resolution of the outstanding creditor obligations as mentioned in the agreement, the bridge loan funds will be held in an escrow account established by Imaging3 and will not be released until the closing, and any escrow agent appointed by the buyer and Imaging3 receives explicit written authorization to release them by both the parties hereto. As on May 12, 2019, Imaging3, Inc. signed a term sheet issued to it by a private asset management firm, wherein the term sheet calls for the Investor to purchase $4 million of convertible notes in four tranches commencing upon execution of the share purchase agreement and simultaneous closing of the transaction. At the closing, current Imaging3 officers and directors shall appoint GBI’s designees to officer and director positions in post-acquisition Imaging3, and immediately resign their positions as officers and directors of the Imaging3, Inc. The transaction is subject to consummation of due diligence, settlement of outstanding obligations to Alpha Capital Anstalt, Brio Capital Master Fund, Ltd., Auctus Fund LLC, CriTech Research, Inc. and Greenberg Glusker Fields Claman & Machtinger LLC on terms to GBI and Imaging3, by Imaging3. Furthermore GBI is required to obtain a commitment for a bridge loan of not less than $1.25 million to be funded at the closing of the acquisition from a qualified investor(s). The transaction is also subject to a commitment to GBI to provide a private and/or public equity financing of not less than $5 million to Imaging3 at a pre-money valuation of not less than $15 million and up to $10 million subsequent to closing of the transaction, and the successful divestiture of the imaging intellectual property currently owned by Imaging3, and all imaging-related hardware, computers, software and code currently owned or properly claimed by Imaging3 to a newly formed privately held corporation to be owned by post acquisition Imaging3, pre-acquisition Imaging3 management and board members, certain service providers, certain other persons currently associated with Imaging3 and the buyer. Pursuant to the terms of the agreement, Imaging3 and GBI have initiated negotiations intended to result in completion and execution of a definitive equity exchange agreement defining all of the material terms of the acquisition on or before March 31, 2019. As of April 8, 2019, all potential obstacles preventing execution of the share purchase agreement have been eliminated except for settlement of a judgment held by Alpha Capital Anstalt. As of April 15, 2019, Alpha Capital Anstalt and Brio Capital Master Fund reached settlement. On April 30, 2019, the California Department of Public Health, Manufactured Cannabis Safety Branch approved Grapefruit Boulevard Investments, Inc. for its annual Cannabis Manufacturing Licensure after meeting all of the compliance requirements mandated by the State of California. The transaction has been approved by Board of Imaging3, Inc. The transaction is expected to be completed on or before May 20, 2019. As of May 20, 2019, the transaction is expected to close in the week ending May 24, 2019. On May 31, 2019, Grapefruit Boulevard Investments, Inc. executed the share exchange agreement for the acquisition of Imaging3, Inc. On the Execution Date, Jeffrey N. Peterson, Chairman of the Board, George Zdasiuk, Director, John Hollister, Chief Executive Officer, Director and Kenneth J. Biehl, Executive Vice-President and Chief Financial Officer of Imaging3, Inc resigned as members of the Board. Bradley Yourist, a Director and Chief Operating Office, Daniel Yourist, Director and Chief Operating Officer of Grapefruit Boulevard Investments joined Imaging3 as Chief Executive Officer, President, Chairman and Chief Financial Officer, Director respectively. John Hollister was appointed as Director of Imaging3. Grapefruit Boulevard Investments, Inc. (GBI) completed the acquisition of Imaging3, Inc. (OTCPK:IGNG) in a reverse merger transaction on July 10, 2019. At closing, Imaging3 issued approximately 362.23 million newly issued shares of its common stock in exchange for 100% of the shares of Grapefruit’s common stock.