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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): September 4, 2008</B>

<P align="center">

<P align="center" style="font-size: 22pt"><B>HELIOS &amp; MATHESON NORTH AMERICA INC.<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
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    <TD width="32%">&nbsp;</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>New York</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>0-22945</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>13-3169913</B></TD>
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<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
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    <TD width="49%">&nbsp;</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>200 Park Avenue South, New York, New York <BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>10003</B></TD>
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<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
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<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(212) 979-8228</B>


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    <TD nowrap>(Former name or former address if changed since last report.)</TD>
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<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P align="left" style="font-size: 10pt"><B>ITEM 1.01 Entry into a Material Definitive Agreement.</B>


<P align="left" style="font-size: 10pt">On September&nbsp;4, 2008, Helios &#038; Matheson North America Inc. (the &#147;Company&#148;) entered into a Statement of Work with
IonIdea, Inc. (&#147;IonIdea&#148;) to provide certain infrastructure and support services, consisting primarily of workstation
facilities and equipment in Bangalore, India, to the Company and its wholly owned subsidiary Helios &#038; Matheson Global
Services Private Limited. This Statement of Work replaces a prior professional services agreement between IonIdea and
the Company that expired on June&nbsp;30, 2007. Following the expiration of the IonIdea contract, the Company had continued
to use IonIdea facilities under the terms of the expired contract.


<P align="left" style="font-size: 10pt">Kishan Grama Ananthram, a member of the Company&#146;s Board of Directors, is the Chief Executive Officer of IonIdea and Mr.
Ananthram and his spouse own all of the outstanding capital stock of IonIdea. Due to the relationship of Mr.&nbsp;Ananthram
and his spouse with IonIdea, the Statement of Work was reviewed and approved by the Independent Directors of the
Company&#146;s Board pursuant to the Company&#146;s Related Party Transaction Policy. The Statement of Work is effective as of
August&nbsp;1, 2008 and continues until July&nbsp;31, 2010. The cost of the workstations and equipment is $550 per person per
month. In addition, the cost of transportation services is $100 per person per month. Approximately, twenty one
Company employees currently use IonIdea workstation facilities, and the Company may expand usage of IonIdea facilities
in the future.


<P align="left" style="font-size: 10pt">A complete copy of the Statement of Work is filed as Exhibit&nbsp;10.1, and is incorporated herein by reference, to this
report on Form 8-K.


<P align="left" style="font-size: 10pt"><B>ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.</B>


<P align="left" style="font-size: 10pt">(d)&nbsp;Exhibits.



<P align="left" style="margin-left:4%; font-size: 10pt">EXHIBIT 10.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IonIdea, Inc. Statement of Work


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<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.



<P align="left" style="margin-left:46%; font-size: 10pt">HELIOS &#038; MATHESON
<BR>
NORTH AMERICA INC.



<P align="left" style="margin-left:46%; font-size: 10pt">By: <U><B>/</B>s/ Salvatore Quadrino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Interim Chief Executive Officer<BR>
and Chief Financial Officer<BR>


<P align="left" style="font-size: 10pt; text-indent: 4%">Date: September&nbsp;8, 2008

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<P align="center" style="font-size: 10pt"><B>Exhibit&nbsp;Index</B>


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    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;10.1
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IonIdea, Inc. Statement of Work</TD>
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Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 4, 2008
HELIOS & MATHESON NORTH AMERICA INC.
(Exact name of registrant as specified in its charter)
New York
0-22945
13-3169913
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
200 Park Avenue South, New York, New York
10003
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(212) 979-8228
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01 Entry into a Material Definitive Agreement.
On September 4, 2008, Helios & Matheson North America Inc. (the "Company") entered into a Statement of Work with
IonIdea, Inc. ("IonIdea") to provide certain infrastructure and support services, consisting primarily of workstation
facilities and equipment in Bangalore, India, to the Company and its wholly owned subsidiary Helios & Matheson Global
Services Private Limited. This Statement of Work replaces a prior professional services agreement between IonIdea and
the Company that expired on June 30, 2007. Following the expiration of the IonIdea contract, the Company had continued
to use IonIdea facilities under the terms of the expired contract.
Kishan Grama Ananthram, a member of the Company's Board of Directors, is the Chief Executive Officer of IonIdea and Mr.
Ananthram and his spouse own all of the outstanding capital stock of IonIdea. Due to the relationship of Mr. Ananthram
and his spouse with IonIdea, the Statement of Work was reviewed and approved by the Independent Directors of the
Company's Board pursuant to the Company's Related Party Transaction Policy. The Statement of Work is effective as of
August 1, 2008 and continues until July 31, 2010. The cost of the workstations and equipment is $550 per person per
month. In addition, the cost of transportation services is $100 per person per month. Approximately, twenty one
Company employees currently use IonIdea workstation facilities, and the Company may expand usage of IonIdea facilities
in the future.
A complete copy of the Statement of Work is filed as Exhibit 10.1, and is incorporated herein by reference, to this
report on Form 8-K.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
EXHIBIT 10.1       IonIdea, Inc. Statement of Work
[Remainder of page intentionally left blank]
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.
HELIOS & MATHESON
NORTH AMERICA INC.
By:
/
s/ Salvatore Quadrino
Interim Chief Executive Officer
and Chief Financial Officer
Date: September 8, 2008
Exhibit Index
Exhibit No.
Description
Exhibit 10.1
IonIdea, Inc. Statement of Work