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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">UNITED
      STATES</font></div>
    <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">SECURITIES
      AND EXCHANGE COMMISSION</font></div>
    <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">Washington,
      D.C. 20549</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <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: 14pt; FONT-FAMILY: Times New Roman"><strong>FORM&#160;8-K</strong></font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <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">Current
      Report </font></div>
    <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">Pursuant
      to Section&#160;13 or 15(d) of the Securities Exchange Act of 1934</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <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): &#160;September 5,
      2006</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
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      CORP.</strong></font></div>
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      Name of Registrant as Specified in its Charter) </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">(State
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                Incorporation)</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">021-80703</font></div>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
                File Number)</font></div>
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                Employer</font></div>
              <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">Identification
                No.)</font></div>
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                  </font></div>
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                    Winona Avenue</font></div>
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                    559-4333</font></div>
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                    Telephone Number)</font></div>
                </div>
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                  </font></div>
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              <td width="22%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td valign="top" width="56%" style="border-bottom: black thin solid;">&#160;

                <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">N/A</font></div>
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            </tr>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">(Former
                  Name or Former Address, if Changed Since
                  Last Report)</font></div>
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              <td width="22%">&#160;</td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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): </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#168;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 318.1pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
      </font></div>
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      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
      </font></div>
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      communications pursuant to Rule 14d-2(b) under the Exchange Act (17&#160;CFR
      240.14d-2(b)). </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#168;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 13.5pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17&#160;CFR
      240.13e-4(c)).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><a name="HDR"/><a name="GLHDR"/><a name="id_0_3"/><a name="id_0_4"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      1.01.&#160;&#160;Entry into a Material Definitive
      Agreement</strong></font></a><a name="TAB1"/></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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      September 1, 2006, CenterStaging Corp. (the &#8220;Company&#8221;) entered into an
      employment agreement with Paul Schmidman (the &#8220;Employment Agreement&#8221;). Pursuant
      to the Employment Agreement, Mr. Schmidman will receive a base salary at the
      annualized rate of $300,000 per year through June 30, 2007, which will increase
      by not less than 10% each year. The Employment Agreement provides that Mr.
      Schmidman will receive a $25,000 signing bonus on October 1, 2006 and will
      be
      eligible for a performance bonus of up to 60% of base salary each year.
</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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company may terminate Mr. Schmidman&#8217;s employment at any time with or without
      cause. If the Company terminates Mr. Schmidman&#8217;s employment without cause, Mr.
      Schmidman will be entitled to receive salary, bonus and other benefits until
      the
      earlier to occur of his death or three years from the date of termination of
      employment. If there is a change of control of the Company and Mr. Schmidman
      does not elect to continue his employment, he will be entitled to a lump sum
      payment equal to: (a) the greater of (i) his annual base salary at the rate
      in
      effect as of the date of change of control; or (ii) the amount of salary and
      minimum annual bonuses that he would have received from the date of the change
      of control to June 30, 2009; plus (b) three times his prior year&#8217;s bonus
      (assuming maximum bonus if termination is in the first year of employment).
      He
      will also receive the health and insurance benefits that were available to
      him
      under the Employment Agreement until one year following the change of control
      or
      June 30, 2009, whichever is later. Unless terminated sooner, Mr. Schmidman&#8217;s
      employment will terminate on June 30, 2009.</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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      foregoing description of the Employment Agreement does not purport to be
      complete and is qualified in its entirety by reference to the full text of
      the
      Employment Agreement, attached hereto as Exhibit 10.1.</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: 54pt; TEXT-INDENT: -54pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item</strong></font><a name="id_0_5"/><a name="id_0_6"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
      5.02. Departure of Directors or Principal Officers; Election of Directors;
      Appointment of Principal Officers.</strong></font></a></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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paul
      Schmidman, 51, became the Company&#8217;s Executive Vice President and Chief Operating
      Officer on July 3, 2006. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Schmidman&#8217;s appointment was publicly announced by a press release issued on
      September 5, 2006, a copy of which is attached hereto as Exhibit
      99.1.</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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Schmidman has over 25 years of experience working in senior management and
      senior executive positions in the media and entertainment industries. Prior
      to
      joining the Company, Mr. Schmidman was a Senior Vice President for AOL LLC
      from
      2003 to 2006, where his responsibilities included the development and execution
      of short- and long-term strategies for AOL in the entertainment industry,
      including business acquisitions and joint ventures. From 1999 to 2003, he was
      President and Chief Executive Officer of XTIVIA (formerly Xceed), which was
      engaged in e-commerce, online design and consultancy focused on lifestyle and
      entertainment.</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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
      are
      no family relationships between Mr. Schmidman and any of the existing directors
      or executive officers of the Company. </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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
      further details regarding Mr. Schmidman&#8217;s Employment Agreement, see the
      description in Item&#160;1.01, which is incorporated herein by reference.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          2
          -</font></div>
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          <hr style="COLOR: black" noshade size="2">
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      Financial Statements and Exhibits</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;
      </font></div>
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    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td width="5%">&#160;</td>
            <td align="left" valign="top" width="5%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font size="2">(d)</font></div>
            </td>
            <td align="left" valign="top" width="90%"><font size="2"><u>Exhibits</u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
              The following exhibits are included as part of this report, and
              incorporated herein by reference in their entirety.</font></font></td>
          </tr>
          <tr>
            <td width="5%">&#160;</td>
            <td align="left" valign="top" width="5%">&#160;</td>
            <td align="left" valign="top" width="90%">&#160;</td>
          </tr>
          <tr>
            <td width="5%">&#160;</td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></div>
            </td>
            <td align="left" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Employment
                Agreement by and between Paul Schmidman and the Company, dated as
                of
                September 1, 2006</font></div>
            </td>
          </tr>
          <tr>
            <td width="5%">&#160;</td>
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            <td align="left" valign="top" width="90%">&#160;</td>
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                release issued September 5, 2006</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"><a name="id_0_8"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></a></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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>
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                September 5, 2006</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CENTERSTAGING
                CORP.</font></div>
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                </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/
                Roger
                Paglia&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                </u></font></div>
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                Paglia</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
                Executive Officer</font></div>
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{"company-data": {"conformed-name": "CenterStaging Corp.", "cik": "0001172939", "assigned-sic": "7389", "irs-number": "450476087", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-50955", "film-number": "061078339"}, "business-address": {"street1": "190 NORTH CANON DRIVE, SUITE 420", "city": "BEVERLY HILLS", "state": "CA", "zip": "90210", "phone": "310-275-4290"}, "mail-address": {"street1": "190 NORTH CANON DRIVE, SUITE 420", "city": "BEVERLY HILLS", "state": "CA", "zip": "90210"}, "former-company": {"former-conformed-name": "KNIGHT FULLER INC", "date-changed": "20020508"}}
Unassociated Document
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 5,
      2006
CENTERSTAGING
      CORP.
(Exact
      Name of Registrant as Specified in its Charter)
Delaware
(State
                or Other Jurisdiction
of
                Incorporation)
021-80703
(Commission
                File Number)
45-0476087
(I.R.S.
                Employer
Identification
                No.)
3407
                    Winona Avenue
Burbank,
                    CA 91504
(Address
                    of Principal Executive Offices)
(818)
                    559-4333
(Registrant's
                    Telephone Number)
N/A
(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 (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
      1.01.  Entry into a Material Definitive
      Agreement
On
      September 1, 2006, CenterStaging Corp. (the "Company") entered into an
      employment agreement with Paul Schmidman (the "Employment Agreement"). Pursuant
      to the Employment Agreement, Mr. Schmidman will receive a base salary at the
      annualized rate of $300,000 per year through June 30, 2007, which will increase
      by not less than 10% each year. The Employment Agreement provides that Mr.
      Schmidman will receive a $25,000 signing bonus on October 1, 2006 and will
      be
      eligible for a performance bonus of up to 60% of base salary each year.
The
      Company may terminate Mr. Schmidman's employment at any time with or without
      cause. If the Company terminates Mr. Schmidman's employment without cause, Mr.
      Schmidman will be entitled to receive salary, bonus and other benefits until
      the
      earlier to occur of his death or three years from the date of termination of
      employment. If there is a change of control of the Company and Mr. Schmidman
      does not elect to continue his employment, he will be entitled to a lump sum
      payment equal to: (a) the greater of (i) his annual base salary at the rate
      in
      effect as of the date of change of control; or (ii) the amount of salary and
      minimum annual bonuses that he would have received from the date of the change
      of control to June 30, 2009; plus (b) three times his prior year's bonus
      (assuming maximum bonus if termination is in the first year of employment).
      He
      will also receive the health and insurance benefits that were available to
      him
      under the Employment Agreement until one year following the change of control
      or
      June 30, 2009, whichever is later. Unless terminated sooner, Mr. Schmidman's
      employment will terminate on June 30, 2009.
The
      foregoing description of the Employment Agreement does not purport to be
      complete and is qualified in its entirety by reference to the full text of
      the
      Employment Agreement, attached hereto as Exhibit 10.1.
Item
5.02. Departure of Directors or Principal Officers; Election of Directors;
      Appointment of Principal Officers.
Paul
      Schmidman, 51, became the Company's Executive Vice President and Chief Operating
      Officer on July 3, 2006.
Mr.
      Schmidman's appointment was publicly announced by a press release issued on
      September 5, 2006, a copy of which is attached hereto as Exhibit
      99.1.
Mr.
      Schmidman has over 25 years of experience working in senior management and
      senior executive positions in the media and entertainment industries. Prior
      to
      joining the Company, Mr. Schmidman was a Senior Vice President for AOL LLC
      from
      2003 to 2006, where his responsibilities included the development and execution
      of short- and long-term strategies for AOL in the entertainment industry,
      including business acquisitions and joint ventures. From 1999 to 2003, he was
      President and Chief Executive Officer of XTIVIA (formerly Xceed), which was
      engaged in e-commerce, online design and consultancy focused on lifestyle and
      entertainment.
There
      are
      no family relationships between Mr. Schmidman and any of the existing directors
      or executive officers of the Company.
For
      further details regarding Mr. Schmidman's Employment Agreement, see the
      description in Item 1.01, which is incorporated herein by reference.
-
          2
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Item 9.01.
      Financial Statements and Exhibits
(d)
Exhibits
.
              The following exhibits are included as part of this report, and
              incorporated herein by reference in their entirety.
10.1
Employment
                Agreement by and between Paul Schmidman and the Company, dated as
                of
                September 1, 2006
99.1
Press
                release issued September 5, 2006
-
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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.
Dated:
                September 5, 2006
CENTERSTAGING
                CORP.
By:
/s/
                Roger
                Paglia
Roger
                Paglia
Chief
                Executive Officer
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