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): November 8, 2005

                         IMAGE INNOVATIONS HOLDINGS INC.
                         -------------------------------
        (Exact name of small Business Issuer as specified in its charter)

          NEVADA                       0-50119                  91-1898414
--------------------------------------------------------------------------------
(State or other jurisdiction         (Commission               (IRS Employer
     of incorporation)              File Number)            Identification No.)

432 Park Avenue South, New York, New York                    10022
--------------------------------------------------------------------------------
 (Address of principal executive offices)                 (Zip Code)

Registrant's telephone number, including area code (518) 589-9994
                                                   --------------

                                       N/A
--------------------------------------------------------------------------------
          (Former name or former address, if changes 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:

|_|   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))

<PAGE>

Item 8.01.    Other Events.

On November 8, 2005,  the  Registrant  executed a non-binding  term sheet with a
well-capitalized  institutional  investor  in respect of a  potential  financing
transaction  pursuant  to which,  if  consummated,  the  Registrant  would issue
approximately $35 million of debt to the potential financing source.

The Registrant  generally  anticipates that the proceeds from the financing,  if
consummated, would be used to finance the proposed acquisition by the Registrant
of Fine Art Wholesalers,  Inc. and its associated companies ("Fine Art") as well
as for general working capital purposes.

Execution  of  definitive   documentation   and  consummation  of  the  proposed
convertible debt financing remain subject to numerous conditions in favor of the
potential financing source,  including without  limitation,  consummation of the
acquisition of Fine Art on terms satisfactory to the potential financing source,
negotiation of mutually  agreeable  definitive  documentation,  and satisfactory
completion of the potential  financing  source's due diligence of the Registrant
and Fine Art.

In connection with the execution of the non-binding  term sheet,  the Registrant
has  agreed  to a 90-day  period of  exclusivity  with the  potential  financing
source.


                                       2
<PAGE>

                                   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.


                                      IMAGE INNOVATIONS HOLDINGS INC.
                                      (Registrant)


Date: November 14, 2005               By:  /s/ Michael Preston
                                           -------------------------------------
                                               Michael Preston
                                               Chief Executive Officer
{"company-data": {"conformed-name": "IMAGE INNOVATIONS HOLDINGS INC", "cik": "0001063842", "assigned-sic": "5900", "irs-number": "889118984", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-50119", "film-number": "051205116"}, "business-address": {"street1": "432 PARK AVENUE SOUTH", "city": "NEW YORK", "state": "NY", "zip": "10022", "phone": "(518) 589-9994"}, "mail-address": {"street1": "432 PARK AVENUE SOUTH", "city": "NEW YORK", "state": "NY", "zip": "10022"}, "former-company": {"former-conformed-name": "BUSANDA EXPLORATIONS INC", "date-changed": "19980611"}}
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): November 8, 2005

                         IMAGE INNOVATIONS HOLDINGS INC.
                         -------------------------------
        (Exact name of small Business Issuer as specified in its charter)

          NEVADA                       0-50119                  91-1898414
--------------------------------------------------------------------------------
(State or other jurisdiction         (Commission               (IRS Employer
     of incorporation)              File Number)            Identification No.)

432 Park Avenue South, New York, New York                    10022
--------------------------------------------------------------------------------
 (Address of principal executive offices)                 (Zip Code)

Registrant's telephone number, including area code (518) 589-9994
                                                   --------------

                                       N/A
--------------------------------------------------------------------------------
          (Former name or former address, if changes 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:

|_|   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.

On November 8, 2005,  the  Registrant  executed a non-binding  term sheet with a
well-capitalized  institutional  investor  in respect of a  potential  financing
transaction  pursuant  to which,  if  consummated,  the  Registrant  would issue
approximately $35 million of debt to the potential financing source.

The Registrant  generally  anticipates that the proceeds from the financing,  if
consummated, would be used to finance the proposed acquisition by the Registrant
of Fine Art Wholesalers,  Inc. and its associated companies ("Fine Art") as well
as for general working capital purposes.

Execution  of  definitive   documentation   and  consummation  of  the  proposed
convertible debt financing remain subject to numerous conditions in favor of the
potential financing source,  including without  limitation,  consummation of the
acquisition of Fine Art on terms satisfactory to the potential financing source,
negotiation of mutually  agreeable  definitive  documentation,  and satisfactory
completion of the potential  financing  source's due diligence of the Registrant
and Fine Art.

In connection with the execution of the non-binding  term sheet,  the Registrant
has  agreed  to a 90-day  period of  exclusivity  with the  potential  financing
source.

                                       2
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.

                                      IMAGE INNOVATIONS HOLDINGS INC.
                                      (Registrant)

Date: November 14, 2005               By:  /s/ Michael Preston
                                           -------------------------------------
                                               Michael Preston
                                               Chief Executive Officer