Washington, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT

                         PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                                March 22, 2010
                                 Date of Report
                        (Date of earliest event reported)

                                  FutureIT Inc.
             (Exact name of registrant as specified in its charter)

           Delaware                     000-53319                98-0517683
----------------------------          ------------           -------------------
(State or other jurisdiction           (Commission             (IRS Employer
       of incorporation)              File Number)           Identification No.)

             4 Hamelacha Street ,North Industrial Area, Lod, Israel
              (Address of principal executive offices and zip code)

                               + (972)(8)925-8070
              (Registrant's telephone number, including area code)

                                 Not Applicable
          (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
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[ ]     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
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[ ]     Pre-commencement communications pursuant to Rule 14d-2(b) under the
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        Exchange Act (17 CFR 240.13e-4(c))

ITEM 1.03 BANKRUPTCY OR RECEIVERSHIP As previously reported, the ongoing liquidation of DataSafe Group Ltd., the Registrant's principal shareholder and principal source of its financing, has effected the Registrant and its principal operating subsidiary, Future I.T. Ltd. Both the Registrant and Future I.T. Ltd. are overdue in making payments to their various suppliers. On March 22, 2010, at the request of creditors of Future I.T. Ltd., an Israeli court appointed a temporary officer, who will act under the court's supervision, in order to reach a creditor's settlement with the creditors of Future I.T. Ltd., including by sale of assets and/or other actions. The total debt of the Future I.T. Ltd. to its creditors (not including DataSafe Group Ltd or the Registrant) is approximately $500,000. While the Registrant's management is still seeking a solution that that will allow the Registrant to continue as a going concern, there can be no assurance given that the Registrant will be successful in its efforts. Previously, the Registrant's independent public accounting firm issued an opinion on the Registrant's consolidated financial statements that states that the Registrant's consolidated financial statements were prepared assuming it will continue as a going concern and further states that its recurring losses from operations, stockholders' deficit and inability to generate sufficient cash flow to meet its obligations and sustain its operations raise substantial doubt about its ability to continue as a going concern.
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 thereunto duly authorized. Date: March 22, 2010 FutureIT Inc. (Registrant) By: /s/Shmuel Bachar ---------------- Name: Shmuel Bachar Chairman of the Board and Chief Executive Officer