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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
Everest Capital Limited
The Bank of Butterfield Building
65 Front Street
6th Floor
Hamilton HM JX, Bermuda
2. Date of Event Requiring Statement (Month/Day/Year)
September 12, 1997
3. IRS Number of Reporting Person
(Voluntary)
4. Issuer Name and Ticker or Trading Symbol
Imaging Diagnostic Systems, Inc.
IMDS
5. Relationship of Reporting Person(s) to Issuer (Check all
applicable)
( ) Director (X) 10% Owner ( ) Officer (give title
below) ( ) Other
(specify below)
6. If Amendment, Date of Original (Month/Day/Year)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
Table I -- Non-Derivative Securities Beneficially Owned
1. Title of Security 2. Amount of 3. Ownership 4. Nature of Indirect
Securities Form: Beneficial Ownership
Beneficially Direct(D) or
Owned Indirect(I)
NO COMMON STOCK OWNED AT PRESENT TIME
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Table II -- Derivative Securities Beneficially Owned
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<S> <C> <C> <C> <C> <C>
1.Title of 2.Date Exer- 3.Title and Amount 4. Conver- 5. Ownership 6. Nature of
Derivative cisable and of Securities sion or Form of Indirect
Security Expiration Underlying Exercise Derivative Beneficial
Date Derivative Security Price of Security:
Ownership
(Month/Day/ --------------- Deri- Direct(D) or
Year) Title Amount or vative Indirect (I)
--------------- Number of Security
Date Expira- Shares
Exer- tion
cisable Date
Series B 4/12/97 4/12/00 Common 3,473,762 $1.353*+ (I)
Convertible Stock
Preferred
Series B 12/17/96 2/17/01 Common 112,500 $5.00+ (I)
Warrants Stock
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* Subject to adjustment in accordance with the Certificate of
Designation of the Series B Convertible Preferred Stock (no par
value) of Imaging Diagnostic Systems, Inc. dated December 13,
1996. No subsequent filings will be made to reflect adjustments
in the conversion price.
+ The Reporting Person disclaims beneficial ownership of these
securities except to the extent of its pecuniary interest
therein.
Explanation of Responses:
SIGNATURE OF REPORTING PERSON
Everest Capital Limited
By: /s/ Marko Dimitrijevic
___________________________
Marko Dimitrijevic,
President
DATE
September 26, 1997
2
00119001.DA1
