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      1934</strong></font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
                of Report (Date of Earliest Event Reported): May 9, 2006</font></div>
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                24, 2006)</font></div>
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                INC.</strong></font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
                name of registrant as specified in its charter)
</font></div>
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            </td>
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            </td>
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                or other jurisdiction </font></div>
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                incorporation)</font></div>
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                Number)</font></div>
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                Employer </font></div>
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                No.)</font></div>
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                    Hills Street, Suite 106, Richland, Washington
                    99354</strong></font></div>
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                    of principal executive offices) (Zip
                    Code)</font></div>
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                      375-1202</strong></font></div>
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                    of principal executive offices) (Zip
                    Code)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ITEM&#160;4.02
      Non-Reliance on Previously Issued Financial Statements or a Related Audit Report
      or Completed Interim Review.</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
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      discussions with representatives of the Company&#8217;s independent registered public
      accounting firm and in response to comments received from the Securities and
      Exchange Commission (the &#8220;SEC&#8221;) determined that the previously filed
      consolidated financial statements of the Company as of and for the nine months
      ended June 30, 2005 and the years ended September 30, 2004 and 2003 need to
      be
      restated.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      April
      2002, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Statement of
      Financial Accounting Standards No. 1485 Rescission of FASB Statements No. 4,
      44,
      and 64, Amendment of FASB Statement No. 13, and Technical Corrections (&#8220;FAS
      145&#8221;). FAS 145 amended APB Opinion No. 30, Reporting the Results of Operations
      -
      Reporting the Effects of Disposal of a Segment of a Business, and Extraordinary,
      Unusual and Infrequently Occurring Events and Transactions (&#8220;APB 30&#8221;), by
      deleting the phrase, &#8220;(1) Classifications of gains or losses from extinguishment
      of debt pursuant to paragraph 8 of FASB Statement No. 4, Reporting Gains and
      Losses from Extinguishment of Debt.&#8221; In deleting this phrase, the FASB obviated
      the customary classification of material aggregations of extinguishment of
      debt
      as extraordinary items. However paragraph four of the FAS 145 Summary, leaves
      open the possibility of classifying the extinguishment of debt as an
      extraordinary item if these items meet the criteria in APB Option 30.
</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
      the three-month period ended December, 2003 the Company was in the process
      of
      converting all outstanding debt into shares of the Company's common stock,
      and
      had continually attempted to contact specific noteholders. These specific
      noteholders were unresponsive to the Company's inquiries related to the
      conversion of the debts into common stock, as discussed in detail in the
      Company's contemporaneously filed financial statements, and the Board, relying
      on legal counsel, at the time, acted to create a &#8220;technical forgiveness&#8221; of the
      notes and accrued interest. It was the then-management's position and
      interpretation, after reviewing the requirements of both APB 30 and FAS 145
      that
      the failure to timely convert or post a timely claim for repayment by these
      specific noteholders, with concurrence of the Company's then-legal counsel,
      and
      auditor, met both of the required criteria of &#8220;unusual nature&#8221; (it is
      extraordinary that a note holder would not respond to numerous requests to
      change the nature of an investment), and &#8220;infrequency of occurrence&#8221; (as no
      similar event had occurred previously, and none has occurred subsequently) and
      should be stated as an &#8220;extraordinary item.&#8221; </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      SEC
      staff has taken recent exception to former management's interpretation, and
      requested reclassification of this item from &#8220;extraordinary item&#8221; to a component
      of operating income, and the Company is complying with that
      request.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additionally,
      we have also revised our treatment of the forgiveness of debt owed to our former
      CEO in the amount of $304,500 revising it from a reduction of operating expenses
      to a contribution of capital.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      impact to the previously filed financial statements is limited to the
      restatement of the officer's compensation from expense to contributed capital.
      The change in treatment of the note cancellation has no impact on the Company's
      results from operations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      a
      result of the error and pending restatement, the consolidated financial
      statements and related report of independent registered public accounting firm
      for the nine months ended June 30, 2005 and the years ended September 30, 2003
      and 2004 contained in our 2005 Annual Report on Form 10-KSB should no longer
      be
      relied upon. In addition, the consolidated financial statements for the quarter
      ended March 31, 2005 contained in our 2005 Quarterly Report on Form 10-QSB
      should no longer be relied upon.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      estimates herein are subject to change as the Company&#8217;s independent registered
      public accounting firm and the SEC complete their review. The Company will
      amend
      the appropriate filings with the SEC to include the restated financial
      statements. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      accordance with the requirements of the Exchange Act, the Registrant caused
      this
      report to be signed on its behalf by the undersigned, thereunto duly
      authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:
      May 9, 2006</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
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            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
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                Inc., a Minnesota corporation</font></div>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;Michael K. Dunlop</font></td>
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              <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font size="2">Michael K. Dunlop, CFO</font></td>
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{"company-data": {"conformed-name": "IsoRay, Inc.", "cik": "0000728387", "assigned-sic": "3841", "irs-number": "411458152", "state-of-incorporation": "MN", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-14247", "film-number": "06822342"}, "business-address": {"street1": "350 HILLS STREET,", "street2": "SUITE 106", "city": "RICHLAND", "state": "WA", "zip": "99354", "phone": "(509) 375-1202"}, "mail-address": {"street1": "350 HILLS STREET,", "street2": "SUITE 106", "city": "RICHLAND", "state": "WA", "zip": "99354"}, "former-company": {"former-conformed-name": "CENTURY PARK PICTURES CORP", "date-changed": "19920703"}}
United
      States Securities And Exchange Commission
Washington,
      DC 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): May 9, 2006
(March
                24, 2006)
ISORAY,
                INC.
(Exact
                name of registrant as specified in its charter)
Minnesota
000-14247
41-1458152
(State
                or other jurisdiction
of
                incorporation)
(Commission
File
                Number)
(IRS
                Employer
Identification
                No.)
350
                    Hills Street, Suite 106, Richland, Washington
                    99354
(Address
                    of principal executive offices) (Zip
                    Code)
(509)
                      375-1202
(Address
                    of principal executive offices) (Zip
                    Code)
ITEM 4.02
      Non-Reliance on Previously Issued Financial Statements or a Related Audit Report
      or Completed Interim Review.
On
      March
      24, 2006 the Audit Committee of IsoRay, Inc. (the "Company"), following
      discussions with representatives of the Company's independent registered public
      accounting firm and in response to comments received from the Securities and
      Exchange Commission (the "SEC") determined that the previously filed
      consolidated financial statements of the Company as of and for the nine months
      ended June 30, 2005 and the years ended September 30, 2004 and 2003 need to
      be
      restated.
In
      April
      2002, the Financial Accounting Standards Board ("FASB") issued Statement of
      Financial Accounting Standards No. 1485 Rescission of FASB Statements No. 4,
      44,
      and 64, Amendment of FASB Statement No. 13, and Technical Corrections ("FAS
      145"). FAS 145 amended APB Opinion No. 30, Reporting the Results of Operations
      -
      Reporting the Effects of Disposal of a Segment of a Business, and Extraordinary,
      Unusual and Infrequently Occurring Events and Transactions ("APB 30"), by
      deleting the phrase, "(1) Classifications of gains or losses from extinguishment
      of debt pursuant to paragraph 8 of FASB Statement No. 4, Reporting Gains and
      Losses from Extinguishment of Debt." In deleting this phrase, the FASB obviated
      the customary classification of material aggregations of extinguishment of
      debt
      as extraordinary items. However paragraph four of the FAS 145 Summary, leaves
      open the possibility of classifying the extinguishment of debt as an
      extraordinary item if these items meet the criteria in APB Option 30.
During
      the three-month period ended December, 2003 the Company was in the process
      of
      converting all outstanding debt into shares of the Company's common stock,
      and
      had continually attempted to contact specific noteholders. These specific
      noteholders were unresponsive to the Company's inquiries related to the
      conversion of the debts into common stock, as discussed in detail in the
      Company's contemporaneously filed financial statements, and the Board, relying
      on legal counsel, at the time, acted to create a "technical forgiveness" of the
      notes and accrued interest. It was the then-management's position and
      interpretation, after reviewing the requirements of both APB 30 and FAS 145
      that
      the failure to timely convert or post a timely claim for repayment by these
      specific noteholders, with concurrence of the Company's then-legal counsel,
      and
      auditor, met both of the required criteria of "unusual nature" (it is
      extraordinary that a note holder would not respond to numerous requests to
      change the nature of an investment), and "infrequency of occurrence" (as no
      similar event had occurred previously, and none has occurred subsequently) and
      should be stated as an "extraordinary item."
The
      SEC
      staff has taken recent exception to former management's interpretation, and
      requested reclassification of this item from "extraordinary item" to a component
      of operating income, and the Company is complying with that
      request.
Additionally,
      we have also revised our treatment of the forgiveness of debt owed to our former
      CEO in the amount of $304,500 revising it from a reduction of operating expenses
      to a contribution of capital.
The
      impact to the previously filed financial statements is limited to the
      restatement of the officer's compensation from expense to contributed capital.
      The change in treatment of the note cancellation has no impact on the Company's
      results from operations.
As
      a
      result of the error and pending restatement, the consolidated financial
      statements and related report of independent registered public accounting firm
      for the nine months ended June 30, 2005 and the years ended September 30, 2003
      and 2004 contained in our 2005 Annual Report on Form 10-KSB should no longer
      be
      relied upon. In addition, the consolidated financial statements for the quarter
      ended March 31, 2005 contained in our 2005 Quarterly Report on Form 10-QSB
      should no longer be relied upon.
The
      estimates herein are subject to change as the Company's independent registered
      public accounting firm and the SEC complete their review. The Company will
      amend
      the appropriate filings with the SEC to include the restated financial
      statements.
SIGNATURES
In
      accordance with the requirements of the Exchange Act, the Registrant caused
      this
      report to be signed on its behalf by the undersigned, thereunto duly
      authorized.
Dated:
      May 9, 2006
IsoRay,
                Inc., a Minnesota corporation
By:
/s/ Michael K. Dunlop
Michael K. Dunlop, CFO