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 1933

                            December 26, 2005
              Date of Report (Date of earliest event reported)
            ____________________________________________________

                       iWORLD PROJECTS & SYSTEMS, INC.
           (Exact name of registrant as specified in its charter)

                               814-00689
                          (Commission File No.)

                                Nevada
               (State or other jurisdiction of incorporation)

                              88-0492267
                  (IRS Employer Identification Number)

   412 Brevard Avenue, Cocoa, FL                          32922
 (Address of principal executive offices)                 (ZIP Code)

                              (321) 433-4911
       (Telephone number, including area code of agent for service)

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 (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities
     Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
     the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
    the Exchange Act (17 CFR 240.13e-4(c))
    _____________________________________________________________












ITEM  8.01.  OTHER EVENTS

	In September, 2005, Process Integrity, Inc., a portfolio investment
subsidiary of Registrant, entered into a loan agreement under which it
borrowed funds secured by Process Integrity?s interest in certain software
developed by it to manage and regulate process control and quality improvement
in manufacturing or other industries.  The software documentation was placed
with an escrow agent designated in the loan documents.  Repayment of the loan
was due on November 30, 2005, but Process Integrity, Inc. was unable to repay
the loan and accrued interest at that time.  A notice of default was issued by
the lender on December 8, 2005, triggering a 15 day cure period under the
terms of the loan documents.  The cure period expired on or about December 26,
2005, and Process Integrity, Inc. has issued instructions to release the
escrowed material to the lender in accordance with the terms of the loan
documents.  In addition, Michael Young, President of Process Integrity, Inc.,
has resigned his positions with Process Integrity, Inc. to pursue other
matters.

	Registrant is currently evaluating the effect of these events on the
value of its portfolio investment in Process Integrity, Inc. As part of its
review of the Registrant?s portfolio investments for the calendar year ended
December 31, 2005, Registrant?s Investment Committee will determine whether
and the extent of, any reduction in the reported value of the portfolio
investment in Process Integrity, Inc.  It is anticipated, however, that the
value of this portfolio investment will be reduced.

                                   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.

Date: December 30, 2005

                            iWORLD PROJECTS & SYSTEMS, INC.


                            By /s/ David Pells
                          -----------------------------------------
                             David Pells, President
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{"company-data": {"conformed-name": "iWorld Projects & Systems, Inc.", "cik": "0001140298", "assigned-sic": "9995", "irs-number": "880492269", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "814-00689", "film-number": "051295194"}, "business-address": {"street1": "3834 SUNFLOWER COURT", "city": "MERRITT ISLAND", "state": "FL", "zip": "32953", "phone": "407-810-6125"}, "mail-address": {"street1": "3834 SUNFLOWER COURT", "city": "MERRITT ISLAND", "state": "FL", "zip": "32953"}, "former-company": {"former-conformed-name": "SILESIA ENTERPRISES INC", "date-changed": "20010509"}}
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 1933

                            December 26, 2005
              Date of Report (Date of earliest event reported)
            ____________________________________________________

                       iWORLD PROJECTS & SYSTEMS, INC.
           (Exact name of registrant as specified in its charter)

                               814-00689
                          (Commission File No.)

                                Nevada
               (State or other jurisdiction of incorporation)

                              88-0492267
                  (IRS Employer Identification Number)

   412 Brevard Avenue, Cocoa, FL                          32922
 (Address of principal executive offices)                 (ZIP Code)

                              (321) 433-4911
       (Telephone number, including area code of agent for service)

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 (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities
     Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
     the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
    the Exchange Act (17 CFR 240.13e-4(c))
    _____________________________________________________________

ITEM  8.01.  OTHER EVENTS

	In September, 2005, Process Integrity, Inc., a portfolio investment
subsidiary of Registrant, entered into a loan agreement under which it
borrowed funds secured by Process Integrity?s interest in certain software
developed by it to manage and regulate process control and quality improvement
in manufacturing or other industries.  The software documentation was placed
with an escrow agent designated in the loan documents.  Repayment of the loan
was due on November 30, 2005, but Process Integrity, Inc. was unable to repay
the loan and accrued interest at that time.  A notice of default was issued by
the lender on December 8, 2005, triggering a 15 day cure period under the
terms of the loan documents.  The cure period expired on or about December 26,
2005, and Process Integrity, Inc. has issued instructions to release the
escrowed material to the lender in accordance with the terms of the loan
documents.  In addition, Michael Young, President of Process Integrity, Inc.,
has resigned his positions with Process Integrity, Inc. to pursue other
matters.

	Registrant is currently evaluating the effect of these events on the
value of its portfolio investment in Process Integrity, Inc. As part of its
review of the Registrant?s portfolio investments for the calendar year ended
December 31, 2005, Registrant?s Investment Committee will determine whether
and the extent of, any reduction in the reported value of the portfolio
investment in Process Integrity, Inc.  It is anticipated, however, that the
value of this portfolio investment will be reduced.

                                   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.

Date: December 30, 2005

                            iWORLD PROJECTS & SYSTEMS, INC.

                            By /s/ David Pells
                          -----------------------------------------
                             David Pells, President