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 1933

                                 January 5, 2007
                Date of Report (Date of earliest event reported)
              ____________________________________________________

                         iWORLD PROJECTS & SYSTEMS, INC.
             (Exact name of registrant as specified in its charter)

                                    814-00689
                              (Commission File No.)

                                     Nevada
                 (State or other jurisdiction of incorporation)

                                   88-0492267
                      (IRS Employer Identification Number)

                P.O. Box 2115, Addison, TX              75001-2115
        (Address of principal executive offices)        (ZIP Code)

                                1(214)236 - 8480
          (Telephone number, including area code of agent for service)

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

     On December 7, 2006 the board of  directors of the Company  authorized  the
sale of an additional ten million  (10,000,000)  shares of new restricted common
stock to new or existing  shareholders  of the Company at a price of $0.0025 per
share, in order to raise an additional  $25,000 for payment of ongoing operating
expenses.  Investors in the shares will be required to sign an acknowledgment of
the current weak financial  condition of the  Corporation  and risks  associated
with investing in the Company.



                                   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.

Date: January 5, 2007


                                      iWORLD PROJECTS & SYSTEMS, INC.


                                      By /s/ David Pells
                                      ------------------------------------------
                                      David L. Pells, President, acting CEO