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    <div>&#160;</div>
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          <tr bgcolor="white">
            <td width="33%">&#160;</td>
            <td width="33%">&#160;</td>
            <td width="23%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">OMB
                APPROVAL</font>&#160;</div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="33%">&#160;</td>
            <td width="33%">&#160;</td>
            <td width="23%">
              <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">OMB
                Number: </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3235-0060</font>&#160;</div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="33%">&#160;</td>
            <td width="33%">&#160;</td>
            <td width="23%">
              <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">Expires:
                </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                31, 2006</font>&#160;</div>
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          <tr bgcolor="white">
            <td width="33%">&#160;</td>
            <td width="33%">&#160;</td>
            <td width="23%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font size="2">Estimated
                average burden</font>&#160;</div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="33%">&#160;</td>
            <td width="33%">&#160;</td>
            <td width="23%">
              <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">hours
                per response: </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">28.0</font>&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</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"><strong>UNITED
      STATES</strong></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"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></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"><strong>Washington,
      DC 20549</strong></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: 16pt; FONT-FAMILY: Times New Roman"><strong>FORM
      8-K</strong></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"><strong>CURRENT
      REPORT</strong></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"><strong>Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of
      1934</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td width="100%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">Date
                of Report (Date of earliest event
                reported)&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>July
                13, 2006</u></font>&#160;</div>
            </td>
          </tr>

      </table>
    </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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><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: 24pt; FONT-FAMILY: Times New Roman"><u>SBS
      Interactive, Co.</u></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">(Exact
      name of registrant as specified in its charter)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="75%">

          <tr bgcolor="white">
            <td width="25%" style="border-bottom: black thin solid;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">Florida</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 166.5pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font>&#160;</div>
            </td>
            <td width="25%" style="border-bottom: black thin solid;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">000-28363</font>&#160;</div>
            </td>
            <td width="25%" style="border-bottom: black thin solid;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">65-0705830</font>&#160;</div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="25%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">(State
                or other
                jurisdiction</font>&#160;</div>
            </td>
            <td width="25%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">(Commission</font>&#160;</div>
            </td>
            <td width="25%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">(IRS
                Employer</font>&#160;</div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="25%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">of
                incorporation)</font>&#160;</div>
            </td>
            <td width="25%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">File
                Number)</font>&#160;</div>
            </td>
            <td width="25%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">Identification
                No.)</font>&#160;</div>
            </td>
          </tr>

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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="74%">

          <tr bgcolor="white">
            <td width="37%" style="border-bottom: black thin solid;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">20101
                S.W. Birch Street, Suite 130-H, Newport
                Beach, CA</font>&#160;</div>
            </td>
            <td width="37%" style="border-bottom: black thin solid;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">92660</font>&#160;</div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="37%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">(Address
                of principal executive
                offices)</font>&#160;</div>
            </td>
            <td width="37%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">(Zip
                Code)</font>&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 351pt">&#160;</font></div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td width="100%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">Registrant&#8217;s
                telephone number, including area
                code </font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>(213)
                226-5870</u></font>&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="74%">

          <tr bgcolor="white">
            <td width="37%" style="border-bottom: black thin solid;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">247
                Lesmill Road, Toronto, Ontario
                Canada</font>&#160;</div>
            </td>
            <td width="37%" style="border-bottom: black thin solid;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">&#160;M3B
                2V1</font>&#160;</div>
            </td>
          </tr>

      </table>
    </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">(Former
      name or former address, if changed since last report)</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: 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 (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>see</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      General
      Instruction A.2. below):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -22.5pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -22.5pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
      ]</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#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>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -22.5pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -22.5pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
      ]</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -22.5pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -54pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -22.5pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
      ]</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -54pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -22.5pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -54pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -22.5pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
      ]</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#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 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="left"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 63pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ITEM
              8.01</strong></font></td>
            <td align="left">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>OTHER
                EVENTS</strong></font></div>
            </td>
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      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SBS
      Interactive, Co. intends to enter into a transaction with Mr. Arthur Cohn,
      a
      principal shareholder of the company, to borrow $253,940 under the terms of
      a
      secured convertible promissory note. Mr. Cohn has provided the company with
      loans from time to time and the company presently owes him approximately
      $600,000. The company intends to use $100,000 of the proceeds from this pending
      loan from Mr. Cohn to satisfy its obligations to Ultimatte Corporation to be
      discharged under the terms of a License, Settlement and Termination Agreement,
      with the balance being used for current operating expenses and satisfaction
      of
      obligations previously incurred by SBS Interactive in the course of its business
      and operations. SBS Interactive anticipates that the loan transaction will
      close
      in the near future.</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: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">It
      is
      anticipated that the terms of the secured convertible promissory note to be
      delivered to Mr. Cohn will provide for interest at the rate of 6% per annum,
      with the principal and accrued interest payable upon demand. The note will
      also
      be convertible into shares of SBS Interactive's common stock at a conversion
      rate of $0.03 per share, initially representing an aggregate of 8,464,666 shares
      of common stock. Upon conversion of the note, SBS Interactive will deliver
      to
      Mr. Cohn a three year common stock purchase warrant to purchase an additional
      16,929,332 shares of SBS Interactive's common stock at exercise prices ranging
      from $1.00 to $1.25 per share. The note and warrant will contain customary
      adjustments in the conversion and exercise prices in the event of stock splits,
      recapitalization and other corporate transactions. The issuance of the note
      and
      the warrant upon the conversion terms provided will result in an adjustment
      of
      the conversion price of outstanding notes issued to Mr. Cohn to a conversion
      rate of $0.03 per share and an adjustment in the number of warrants issuable
      to
      him upon any future conversion.</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: 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">It
      is
      anticipated that Mr. Cohn will be granted demand registration rights covering
      the shares underlying the note and warrant. Prior to entering into negotiations
      with Mr. Cohn, management of SBS Interactive attempted to obtain the required
      financing from other sources, however, they were unsuccessful in their efforts
      and Mr. Cohn was the only investor willing to provide SBS Interactive with
      the
      necessary capital. </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: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SBS
      Interactive's authorized capital presently includes 50,000,000 shares of common
      stock of which 28,027,576 shares are presently issued and outstanding. SBS
      Interactive does not presently have a sufficient number of authorized and
      unissued shares of its common stock to provide for the full conversion of the
      note and exercise of the warrant as well as all other notes and warrants
      previously issued to Mr. Cohn. SBS Interactive expects to amend its articles
      of
      incorporation to increase the number of authorized shares of its common stock
      to
      a number sufficient to provide for the full conversion of the note and exercise
      of the warrant. SBS Interactive will require shareholder consent to undertake
      this action, and, as its common shares are registered under the Securities
      Exchange Act of 1934, it is required to comply with the proxy and information
      statement requirements of that act with respect to obtaining shareholder
      approval for an amendment to its articles of incorporation. Prior to seeking
      shareholder approval, SBS Interactive will be required to file with the SEC
      all
      delinquent quarterly reports, together with its annual report on Form 10-KSB
      for
      the fiscal year ended December 31, 2005. SBS Interactive does not presently
      have
      the financial resources necessary to complete its audit and prepare and file
      these delinquent reports with the SEC. Accordingly, assuming the closing of
      the
      loan transaction with Mr. Cohn, SBS Interactive cannot presently estimate when
      it will be in a position to seek shareholder approval for an increase in the
      number of its authorized shares of common stock to provide sufficient shares
      for
      the possible conversion of the note and exercise of the warrant to be delivered
      to Mr. Cohn.</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: 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">It
      is
      anticipated that the terms of the note will generally provide that in the event
      SBS Interactive does not have sufficient authorized but unissued shares of
      common stock to issue at the time of the conversion of the note and exercise
      of
      the warrant or any other notes or warrants issued to Mr. Cohn, the remaining
      principal amount and accrued interest thereon will be automatically increased
      prior to any sale of SBS Interactive to an amount determined by multiplying
      (x)
      100% of the value of all outstanding common stock by (y) a fraction, the
      numerator of which is the number of shares which would have been issued upon
      conversion had sufficient shares been authorized, and the denominator of which
      is the sum of the number of all outstanding common stock plus the number of
      such
      unissued shares. Accordingly, in the event Mr. Cohn should seek to convert
      the
      note prior to the time SBS Interactive has completed all steps necessary to
      increase the number of authorized shares of its common stock, the amount which
      the company could be required to pay could increase substantially.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
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      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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              <td width="50%"><font size="2">SBS Interactive, Co.</font>&#160;</td>
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              <td width="50%" style="border-bottom: #ffffff thin solid;"><font size="2">July
                13, 2006</font>&#160;</td>
              <td width="50%" style="border-bottom: black thin solid;"><font size="2">/s/
                Steven S. Cady</font>&#160;</td>
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              <td width="50%">&#160;</td>
              <td width="50%"><font size="2">Steven S. Cady,
                President</font>&#160;</td>
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{"company-data": {"conformed-name": "SBS INTERACTIVE CO", "cik": "0001085220", "assigned-sic": "7389", "irs-number": "650705830", "state-of-incorporation": "FL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-28363", "film-number": "06962578"}, "business-address": {"street1": "4211 YONGE STREET", "street2": "SUITE 235", "city": "TORONTO ONTARIO CANA", "state": "A6", "zip": "M2P2A9", "phone": "(905) 660-0646"}, "mail-address": {"street1": "4211 YONGE STREET", "street2": "SUITE 235", "city": "TORONTO ONTARIO CANA", "state": "A6", "zip": "M2P2A9"}, "former-company": {"former-conformed-name": "INET COMMERCE CONDUIT CORP", "date-changed": "19991130"}}
OMB
                APPROVAL
OMB
                Number:
3235-0060
Expires:
March
                31, 2006
Estimated
                average burden
hours
                per response:
28.0
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)
July
                13, 2006
SBS
      Interactive, Co.
(Exact
      name of registrant as specified in its charter)
Florida
000-28363
65-0705830
(State
                or other
                jurisdiction
(Commission
(IRS
                Employer
of
                incorporation)
File
                Number)
Identification
                No.)
20101
                S.W. Birch Street, Suite 130-H, Newport
                Beach, CA
92660
(Address
                of principal executive
                offices)
(Zip
                Code)
Registrant's
                telephone number, including area
                code
(213)
                226-5870
247
                Lesmill Road, Toronto, Ontario
                Canada
M3B
                2V1
(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
              8.01
OTHER
                EVENTS
SBS
      Interactive, Co. intends to enter into a transaction with Mr. Arthur Cohn,
      a
      principal shareholder of the company, to borrow $253,940 under the terms of
      a
      secured convertible promissory note. Mr. Cohn has provided the company with
      loans from time to time and the company presently owes him approximately
      $600,000. The company intends to use $100,000 of the proceeds from this pending
      loan from Mr. Cohn to satisfy its obligations to Ultimatte Corporation to be
      discharged under the terms of a License, Settlement and Termination Agreement,
      with the balance being used for current operating expenses and satisfaction
      of
      obligations previously incurred by SBS Interactive in the course of its business
      and operations. SBS Interactive anticipates that the loan transaction will
      close
      in the near future.
It
      is
      anticipated that the terms of the secured convertible promissory note to be
      delivered to Mr. Cohn will provide for interest at the rate of 6% per annum,
      with the principal and accrued interest payable upon demand. The note will
      also
      be convertible into shares of SBS Interactive's common stock at a conversion
      rate of $0.03 per share, initially representing an aggregate of 8,464,666 shares
      of common stock. Upon conversion of the note, SBS Interactive will deliver
      to
      Mr. Cohn a three year common stock purchase warrant to purchase an additional
      16,929,332 shares of SBS Interactive's common stock at exercise prices ranging
      from $1.00 to $1.25 per share. The note and warrant will contain customary
      adjustments in the conversion and exercise prices in the event of stock splits,
      recapitalization and other corporate transactions. The issuance of the note
      and
      the warrant upon the conversion terms provided will result in an adjustment
      of
      the conversion price of outstanding notes issued to Mr. Cohn to a conversion
      rate of $0.03 per share and an adjustment in the number of warrants issuable
      to
      him upon any future conversion.
It
      is
      anticipated that Mr. Cohn will be granted demand registration rights covering
      the shares underlying the note and warrant. Prior to entering into negotiations
      with Mr. Cohn, management of SBS Interactive attempted to obtain the required
      financing from other sources, however, they were unsuccessful in their efforts
      and Mr. Cohn was the only investor willing to provide SBS Interactive with
      the
      necessary capital.
SBS
      Interactive's authorized capital presently includes 50,000,000 shares of common
      stock of which 28,027,576 shares are presently issued and outstanding. SBS
      Interactive does not presently have a sufficient number of authorized and
      unissued shares of its common stock to provide for the full conversion of the
      note and exercise of the warrant as well as all other notes and warrants
      previously issued to Mr. Cohn. SBS Interactive expects to amend its articles
      of
      incorporation to increase the number of authorized shares of its common stock
      to
      a number sufficient to provide for the full conversion of the note and exercise
      of the warrant. SBS Interactive will require shareholder consent to undertake
      this action, and, as its common shares are registered under the Securities
      Exchange Act of 1934, it is required to comply with the proxy and information
      statement requirements of that act with respect to obtaining shareholder
      approval for an amendment to its articles of incorporation. Prior to seeking
      shareholder approval, SBS Interactive will be required to file with the SEC
      all
      delinquent quarterly reports, together with its annual report on Form 10-KSB
      for
      the fiscal year ended December 31, 2005. SBS Interactive does not presently
      have
      the financial resources necessary to complete its audit and prepare and file
      these delinquent reports with the SEC. Accordingly, assuming the closing of
      the
      loan transaction with Mr. Cohn, SBS Interactive cannot presently estimate when
      it will be in a position to seek shareholder approval for an increase in the
      number of its authorized shares of common stock to provide sufficient shares
      for
      the possible conversion of the note and exercise of the warrant to be delivered
      to Mr. Cohn.
It
      is
      anticipated that the terms of the note will generally provide that in the event
      SBS Interactive does not have sufficient authorized but unissued shares of
      common stock to issue at the time of the conversion of the note and exercise
      of
      the warrant or any other notes or warrants issued to Mr. Cohn, the remaining
      principal amount and accrued interest thereon will be automatically increased
      prior to any sale of SBS Interactive to an amount determined by multiplying
      (x)
      100% of the value of all outstanding common stock by (y) a fraction, the
      numerator of which is the number of shares which would have been issued upon
      conversion had sufficient shares been authorized, and the denominator of which
      is the sum of the number of all outstanding common stock plus the number of
      such
      unissued shares. Accordingly, in the event Mr. Cohn should seek to convert
      the
      note prior to the time SBS Interactive has completed all steps necessary to
      increase the number of authorized shares of its common stock, the amount which
      the company could be required to pay could increase substantially.
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.
SBS Interactive, Co.
July
                13, 2006
/s/
                Steven S. Cady
Steven S. Cady,
                President
3