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): March 16, 2006

                         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 4.02.  Non-Reliance on Previously Issued Financial Statements or a Related
            Audit Report or Completed Interim Review.

As  previously  disclosed,  on  December  5, 2005,  the Audit  Committee  of the
Registrant  concluded that a forensic  accounting  investigation  concerning the
consolidated  financial  statements of the  Registrant for the fiscal year ended
December  31, 2004 (the "2004  Financials")  would be  necessary  to confirm the
Registrant's recorded revenue and receivables in respect of such period.

On March 16, 2006, the forensic  accounting firm retained by the Audit Committee
to  conduct  the  investigation  presented  preliminary  findings  to the  Audit
Committee  concluding  that a number of revenue  and  receivables  in respect of
inventory sales of the Registrant were improperly  recorded.  On March 16, 2006,
based on such preliminary  findings,  the Audit Committee,  in consultation with
the forensic  accountant,  determined  that the 2004  Financials and the related
independent  auditor's  report can no longer be relied  upon.  Accordingly,  the
Registrant  anticipates  that a  restatement  of the  2004  Financials  will  be
necessary.  Since  the  forensic  accounting  firm  has  not yet  completed  its
investigation,  the exact nature and full extent of the restatement is not known
at this  point.  However,  it is  expected  that the  restatement  will  reflect
materially  lower revenue,  and  materially  greater net loss,  than  originally
reported by the Registrant in the 2004 Financials.

The press release  relating to the above  disclosures is attached to this Report
as Exhibit 99.1.

Item 9.01   Financial Statements and Exhibits.

(d) Exhibits.

      99.1     Press Release dated March 16, 2006.

<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: March 16, 2006                             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": "06693980"}, "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): March 16, 2006

                         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 4.02.  Non-Reliance on Previously Issued Financial Statements or a Related
            Audit Report or Completed Interim Review.

As  previously  disclosed,  on  December  5, 2005,  the Audit  Committee  of the
Registrant  concluded that a forensic  accounting  investigation  concerning the
consolidated  financial  statements of the  Registrant for the fiscal year ended
December  31, 2004 (the "2004  Financials")  would be  necessary  to confirm the
Registrant's recorded revenue and receivables in respect of such period.

On March 16, 2006, the forensic  accounting firm retained by the Audit Committee
to  conduct  the  investigation  presented  preliminary  findings  to the  Audit
Committee  concluding  that a number of revenue  and  receivables  in respect of
inventory sales of the Registrant were improperly  recorded.  On March 16, 2006,
based on such preliminary  findings,  the Audit Committee,  in consultation with
the forensic  accountant,  determined  that the 2004  Financials and the related
independent  auditor's  report can no longer be relied  upon.  Accordingly,  the
Registrant  anticipates  that a  restatement  of the  2004  Financials  will  be
necessary.  Since  the  forensic  accounting  firm  has  not yet  completed  its
investigation,  the exact nature and full extent of the restatement is not known
at this  point.  However,  it is  expected  that the  restatement  will  reflect
materially  lower revenue,  and  materially  greater net loss,  than  originally
reported by the Registrant in the 2004 Financials.

The press release  relating to the above  disclosures is attached to this Report
as Exhibit 99.1.

Item 9.01   Financial Statements and Exhibits.

(d) Exhibits.

      99.1     Press Release dated March 16, 2006.
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: March 16, 2006                             By: /s/ Michael Preston
                                                     ---------------------------
                                                         Michael Preston
                                                         Chief Executive Officer