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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="DocsID"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
        STATES</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: 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="justify">&#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>WASHINGTON,
        D.C. 20549 </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="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; 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="justify">&#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>CURRENT
        REPORT</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="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
        to Section 13 or 15(d) of the</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="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>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="justify">&#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>Date
        of Report (Date of earliest event reported): November 17,
        2005</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="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CREATIVE
        VISTAS, INC. </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="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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      <div>
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              </td>
              <td valign="top" width="27%" style="BORDER-BOTTOM: black thin solid">
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              </td>
              <td valign="top" width="27%" style="BORDER-BOTTOM: black thin solid">
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              </td>
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            <tr>
              <td align="left" valign="top" width="27%">&#160;</td>
              <td align="left" valign="top" width="27%">&#160;</td>
              <td align="left" valign="top" width="27%">&#160;</td>
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            <tr>
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                  or other jurisdiction of incorporation)</font></div>
              </td>
              <td valign="top" width="27%">
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                  File Number)</font></div>
              </td>
              <td valign="top" width="27%">
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                  Employer Identification No)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="27%">&#160;</td>
              <td valign="top" width="27%">&#160;</td>
              <td valign="top" width="27%">&#160;</td>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; 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="justify">&#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">2100
        Forbes Street</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">Unit
        8-10</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="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Whitby,
        Ontario, Canada L1N 9T3</font></div>
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        666-8676</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">(Address,
        including zip code, and telephone number,</font></div>
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        area code, of registrant&#8217;s principal executive offices)</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="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
        name or former address, if changed from last report.)</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="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></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div><font size="2"><font size="3" face="Wingdings">o
</font>Written
      communications pursuant to Rule 425 under the Securities
      Act (17 CFR 230.425) </font>
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</font>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: 0pt" align="justify"><font size="2"><font size="3" face="Wingdings">o
</font>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: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font size="2"><font size="3" face="Wingdings">o
</font>Pre-commencement
        communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
        240.13e-4(c)) </font></div>
      <div><br>&#160;</div>
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            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
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          <div style="WIDTH: 100%" align="left">
            <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">2</font></div>
          </div>
        </div>
      </div><br>
      <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"><strong>Section
        4 - Matters Related to Accountants and Financial Statements
</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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        4.02 Non-Reliance on Previously Issued Financial Statements or a Related
        Audit
        Report or Completed Interim Review. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        November 17, 2005, Creative Vistas, Inc., an Arizona corporation (&#8220;the
        Company&#8221;), determined that as the result of ongoing discussions with the SEC
        staff regarding the Company&#8217;s registration statement on form SB-2 concerning the
        accounting for its convertible term note, warrants and options for the purchase
        of shares of common stock issued on September 30, 2004, the Company will
        have to
        restate its Consolidated Balance Sheet and Statement of Operations for the
        year
        ended December 31, 2004 and the periods ended September 30, 2004, March 31,
        2005
        and June 30, 2005. </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"><strong>Until
        the Company has restated and reissued its results for the applicable periods,
        investors and other users of the Company&#8217;s SEC filings are cautioned not to rely
        on the Company&#8217;s financial statements for the year ended December 31, 2004 and
        periods ended September 30, 2004, March 31, 2005, and June 30, 2005, to the
        extent they are affected by the accounting issues described above.
</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>The
        Company has not completed its assessment of the effect of the change in
        accounting treatment related to the September 2004 convertible term note
        on the
        financial statements noted above. The Company intends to (i) file a formal
        response to the SEC&#8217;s accounting comments related to the Company&#8217;s registration
        statement on Form SB-2, (ii) respond to any additional accounting comments
        issued by the SEC, and (iii) file a restatement of financial statements of
        the
        annual report for the year ended December 31, 2004 and quarters ended September
        20, 2004, March 31, 2005 and June 30, 2005. All readers of this Current Report
        are urged to review such restated results of operations upon their issuance.
        </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>As
        a result of the foregoing, the Company will not be able to file its Quarterly
        Report on Form 10-QSB (the &#8220;10-QSB&#8221;) for the period ended September 30, 2005
        with the SEC in a timely fashion. The Company filed a Form 12b-5 Notification
        of
        Late Filing on November 15, 2005 making its 10-QSB due on November 21, 2005.
        It
        appears at this time that the Company will not be able to file its 10-QSB
        by
        that date and that the filing will be delinquent. The Company intends to
        file
        the 10-QSB as soon as possible, incorporating the accounting changes discussed
        with the SEC.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        September 30, 2004, the Company entered into a series of agreements with
        Laurus
        Master Fund, Ltd. (&#8220;Laurus&#8221;) whereby we issued to Laurus (i) a secured
        convertible term note (the &#8220;Note&#8221;) in the amount of $4.5 million, (ii) a maximum
        revolving credit facility of $3 million, (iii) related options to purchase
        up to
        1,499,997 shares of common stock of the Registrant at a price of two-thirds
        of a
        cent per share (the &#8220;Option&#8221;), and (iv) a seven year warrant to purchase up to
        2,250,000 shares of common stock of the Registrant at a price of $1.15 per
        share
        (the &#8220;Warrant&#8221;). The principal amount of the Note bears interest at the prime
        rate plus two percent with a minimum rate of six percent. The minimum monthly
        payment on the Note is $100,000, plus the monthly interest payment, and must
        be
        paid in either cash, the common stock of the Company or a combination thereof,
        depending on the occurrence of certain criteria. Upon the occurrence of certain
        conditions, Laurus has the option to convert the entire principal amount
        of the
        Note, together with interest thereon into shares of the Company's common
        stock
        at a conversion price of $1 per share, provided that such conversion does
        not
        result in Laurus beneficially owning more than 4.99% of our outstanding shares
        of common stock. </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">During
        its review of the Company&#8217;s registration statement on Form SB-2, the SEC staff
        initiated discussions with the Company about the Company&#8217;s accounting for the
        convertible term note, warrants and options issued to Laurus including
        discussions regarding the method used to account for the convertible term
        note,
        warrants and options, including whether or not (i) the convertible term note
        is
        a conventional convertible debt, (ii) the convertible term note contained
        a
&#8220;beneficial conversion feature&#8221; which should be accounted for under EITF 98-5
        and EITF 00-27, or whether the conversion option is a derivative requiring
        bifurcation (iii) the warrants and options should be accounted for as
        liabilities and (iv) there are other embedded derivatives requiring bifurcation
        .</font></div>
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        </div>
        <div id="HDR">
          <div id="GLHDR" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3</font></div>
        </div>
      </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">As
        a
        result of these discussions with the SEC staff and the Company&#8217;s ongoing
        analysis of the September 30, 2004 transactions as described above, the Company
        has preliminarily determined that the convertible term note is not a
        conventional convertible debt. The warrants and options which were previously
        recorded as beneficial conversion features will be eliminated from the balance
        sheet and the amortization of beneficial conversion features will be eliminated
        from results of operation. Those warrants and options will be valued along
        with
        any other embedded derivatives in the convertible term note requiring
        bifurcation at each balance sheet date. In addition, the warrants and options
        issued should be accounted for as liabilities and marked to market at each
        balance sheet date. This change may have a material impact on the financial
        position and the results of operations and earnings per share for the relevant
        quarters and the year ended December 31, 2004. </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 cautions that its discussions with the SEC staff are ongoing, as
        a
        result of which there can be no assurance that the adjustments described
        above
        will in fact be the final adjustments that the Company determines are required.
        </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 intends to file the amended financial statements with the SEC as
        soon as
        possible after the completion of its discussions with the SEC staff.
</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
        authorized officers of the Company have discussed with the Company&#8217;s independent
        accountant the matters disclosed in this filing pursuant to Item 4.02(a)
        and the
        Company&#8217;s Board of Directors has approved the filing of this Form
        8-K.</font><br></div>
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        has
        duly caused this report to be signed on its behalf by the undersigned hereunto
        duly authorized. </font></div>
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              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CREATIVE
                VISTAS, INC.</strong></font></td>
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              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:&#160;November
                17, 2005</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&#160;Sayan
                Navaratnam</font></td>
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                Navaratnam</font></td>
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{"company-data": {"conformed-name": "CREATIVE VISTAS INC", "cik": "0001113524", "assigned-sic": "6770", "irs-number": "860464104", "state-of-incorporation": "AZ", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-30585", "film-number": "051215274"}, "business-address": {"street1": "4909 EAST MCDOWELL ROAD", "city": "PHOENIX", "state": "AZ", "zip": "85008", "phone": "6022250504"}, "mail-address": {"street1": "4909 EAST MCDOWELL ROAD", "city": "PHOENIX", "state": "AZ", "zip": "85008"}}
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): November 17,
        2005
CREATIVE
        VISTAS, INC.
(Exact
        name of registrant as specified in its charter)
Arizona
0-30585
86-0464104
(State
                  or other jurisdiction of incorporation)
(Commission
                  File Number)
(IRS
                  Employer Identification No)
2100
        Forbes Street
Unit
        8-10
Whitby,
        Ontario, Canada L1N 9T3
(905)
        666-8676
(Address,
        including zip code, and telephone number,
including
        area code, of registrant's principal executive offices)
(Former
        name or former address, if changed from 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:
o
Written
      communications pursuant to Rule 425 under the Securities
      Act (17 CFR 230.425)
o
Soliciting
        material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
        communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
        240.14d-2(b))
o
Pre-commencement
        communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
        240.13e-4(c))
2
Section
        4 - Matters Related to Accountants and Financial Statements
Item
        4.02 Non-Reliance on Previously Issued Financial Statements or a Related
        Audit
        Report or Completed Interim Review.
On
        November 17, 2005, Creative Vistas, Inc., an Arizona corporation ("the
        Company"), determined that as the result of ongoing discussions with the SEC
        staff regarding the Company's registration statement on form SB-2 concerning the
        accounting for its convertible term note, warrants and options for the purchase
        of shares of common stock issued on September 30, 2004, the Company will
        have to
        restate its Consolidated Balance Sheet and Statement of Operations for the
        year
        ended December 31, 2004 and the periods ended September 30, 2004, March 31,
        2005
        and June 30, 2005.
Until
        the Company has restated and reissued its results for the applicable periods,
        investors and other users of the Company's SEC filings are cautioned not to rely
        on the Company's financial statements for the year ended December 31, 2004 and
        periods ended September 30, 2004, March 31, 2005, and June 30, 2005, to the
        extent they are affected by the accounting issues described above.
The
        Company has not completed its assessment of the effect of the change in
        accounting treatment related to the September 2004 convertible term note
        on the
        financial statements noted above. The Company intends to (i) file a formal
        response to the SEC's accounting comments related to the Company's registration
        statement on Form SB-2, (ii) respond to any additional accounting comments
        issued by the SEC, and (iii) file a restatement of financial statements of
        the
        annual report for the year ended December 31, 2004 and quarters ended September
        20, 2004, March 31, 2005 and June 30, 2005. All readers of this Current Report
        are urged to review such restated results of operations upon their issuance.
As
        a result of the foregoing, the Company will not be able to file its Quarterly
        Report on Form 10-QSB (the "10-QSB") for the period ended September 30, 2005
        with the SEC in a timely fashion. The Company filed a Form 12b-5 Notification
        of
        Late Filing on November 15, 2005 making its 10-QSB due on November 21, 2005.
        It
        appears at this time that the Company will not be able to file its 10-QSB
        by
        that date and that the filing will be delinquent. The Company intends to
        file
        the 10-QSB as soon as possible, incorporating the accounting changes discussed
        with the SEC.
On
        September 30, 2004, the Company entered into a series of agreements with
        Laurus
        Master Fund, Ltd. ("Laurus") whereby we issued to Laurus (i) a secured
        convertible term note (the "Note") in the amount of $4.5 million, (ii) a maximum
        revolving credit facility of $3 million, (iii) related options to purchase
        up to
        1,499,997 shares of common stock of the Registrant at a price of two-thirds
        of a
        cent per share (the "Option"), and (iv) a seven year warrant to purchase up to
        2,250,000 shares of common stock of the Registrant at a price of $1.15 per
        share
        (the "Warrant"). The principal amount of the Note bears interest at the prime
        rate plus two percent with a minimum rate of six percent. The minimum monthly
        payment on the Note is $100,000, plus the monthly interest payment, and must
        be
        paid in either cash, the common stock of the Company or a combination thereof,
        depending on the occurrence of certain criteria. Upon the occurrence of certain
        conditions, Laurus has the option to convert the entire principal amount
        of the
        Note, together with interest thereon into shares of the Company's common
        stock
        at a conversion price of $1 per share, provided that such conversion does
        not
        result in Laurus beneficially owning more than 4.99% of our outstanding shares
        of common stock.
During
        its review of the Company's registration statement on Form SB-2, the SEC staff
        initiated discussions with the Company about the Company's accounting for the
        convertible term note, warrants and options issued to Laurus including
        discussions regarding the method used to account for the convertible term
        note,
        warrants and options, including whether or not (i) the convertible term note
        is
        a conventional convertible debt, (ii) the convertible term note contained
        a
"beneficial conversion feature" which should be accounted for under EITF 98-5
        and EITF 00-27, or whether the conversion option is a derivative requiring
        bifurcation (iii) the warrants and options should be accounted for as
        liabilities and (iv) there are other embedded derivatives requiring bifurcation
        .
3
As
        a
        result of these discussions with the SEC staff and the Company's ongoing
        analysis of the September 30, 2004 transactions as described above, the Company
        has preliminarily determined that the convertible term note is not a
        conventional convertible debt. The warrants and options which were previously
        recorded as beneficial conversion features will be eliminated from the balance
        sheet and the amortization of beneficial conversion features will be eliminated
        from results of operation. Those warrants and options will be valued along
        with
        any other embedded derivatives in the convertible term note requiring
        bifurcation at each balance sheet date. In addition, the warrants and options
        issued should be accounted for as liabilities and marked to market at each
        balance sheet date. This change may have a material impact on the financial
        position and the results of operations and earnings per share for the relevant
        quarters and the year ended December 31, 2004.
The
        Company cautions that its discussions with the SEC staff are ongoing, as
        a
        result of which there can be no assurance that the adjustments described
        above
        will in fact be the final adjustments that the Company determines are required.
The
        Company intends to file the amended financial statements with the SEC as
        soon as
        possible after the completion of its discussions with the SEC staff.
The
        authorized officers of the Company have discussed with the Company's independent
        accountant the matters disclosed in this filing pursuant to Item 4.02(a)
        and the
        Company's Board of Directors has approved the filing of this Form
        8-K.
4
SIGNATURE
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.
CREATIVE
                VISTAS, INC.
Dated: November
                17, 2005
By:
/s/ Sayan
                Navaratnam
Sayan
                Navaratnam
CEO