Hi dentillozie. Can you use some magnification and look closely at the LED's connection to the Noctigon? You want to make sure it was properly reflowed. If in doubt, you can take a couple macro shots and post them here. There should be no open gap under the 3 connection points (+, -, and thermal pad).
My suggestion is to read through this thread I had similar
Issues in the end it was my dmm
If your dmm is using stock leads it could be your problem toohttp://www.budgetlightforum.com/node/26415
There’s a lot of things it could be. Is this tested in the host? How big and long is the wire from battery contact board to the driver. How big and long is the led wire? What battery are you using? Is the driver board or the contact board grounded well?
The DMM wires or low battery can also give you false readings as mentioned.
Post up a pic of the setup so we can further help diagnose the problem.
I don't think this is your immediate problem, but wouldn't those 7135's overheat suspended like that? I know people do that, but I have never tried it. If I did, I would pot it.
I would also worry about a good electrical connection between the press-fit contact board and the aluminum pill. I see a lot of flux left behind, and flux does not conduct electricity.
Does your ammeter setup give the expected readings on other lights?
As bad as I know you hate to do it, I would take it all back apart and test the amc7135 board and led outside the light first. If it doesn’t check out there, then its either driver or led. Test the one or both led and driver in some other way and you can eliminate where the problem is. If they both check out then its either battery board or a bad connection or ground. The Panasonic almost fully charged shouldn’t have a problem with that current.
Do you know for sure your DMM reads amps accurately? Tried it with other high amp lights? Stock probe leads usually don't work too well. I use 14 gauge silicone coated wires - very reliable. Is the light not as bright as you would hope? If that's all flux stuck on the pill, you do need to clean flux off everywhere - I use isop. alcohol and a good Kester flux stick (here on ebay). Wire for DMM leads here: buddyrc.com red-14awg, buddyrc.com black-14awg.
This meter works great for high amp measurements: Uni T ut33b. For $13, it's the cheapest I'd go for in a meter, no frills.