UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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): ~~February~~ January 16, ~~2007~~2008

Industrial Enterprises of America, Inc.

(formerly known as Advanced Bio/Chem., Inc.)

(Exact name of registrant as specified in its charter)

Nevada	~~Nevada~~	1001-32881	~~13-3963499~~	13-3963499
	(State or other jurisdiction of	(Commission File Number)	(IRS Employer
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)
	incorporation)		Identification No.)

	711 Third Avenue, Suite 1505, New York, New York	10017
	(Address of principal executive offices)	(Zip code)
	Registrant’s telephone number, including area code	(212) 490-3100

711 Third Avenue, Suite 1505, New York, New York 10017

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (212) 490-3100

N/A

(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:

~~[ ]~~ ¨ 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)).

~~Section~~Item 2— 1.01. Entry into ~~Financial~~a ~~Information~~Material Definitive Agreement.

~~Item 2~~On January 16, 2008, Industrial Enterprises of America, Inc.02 (the “Company”) entered into a Loan and Securities Purchase Agreement ~~Results~~ (the “Agreement”) with an institutional and accredited investor. Pursuant to the terms of ~~Operations~~the Agreement, the investor purchased $1.5 million of the Company’s 10% Promissory Notes (the “Notes”). Fifty percent of the Notes will be purchased on the first closing date and ~~Financial~~the ~~Condition~~remaining fifty percent of the Notes will be purchased on the second closing date. The Notes: (i) bear interest at 10% per year; and (ii) have a maturity date of July 15, 2008. The Notes also contain customary events of default provisions. Pursuant to the Agreement, the Company also issued the investor five-year common stock purchase warrants to purchase 75,000 shares of the Company’s common stock at an exercise price per share equal to 110% of the closing price of the common stock on the trading day immediately prior to the date hereof. The warrants will be issued at the first closing. Additionally, pursuant to the Agreement, the Company issued the investor two million shares of the Company’s common stock, which will be issued at the first closing.

OnThe ~~February~~ foregoing ~~16,~~summary ~~2006, Industrial Enterprises~~ of ~~America, Inc. (~~the ~~“Company”)~~Agreement is ~~issued~~qualified in aits ~~press~~entirety ~~release~~to ~~announcing~~reference to the ~~results~~full ~~for~~text ~~its~~of ~~second~~the ~~fiscal~~document, ~~quarter and six~~a ~~months~~copy ~~ended~~of ~~December 31, 2007,~~ which ~~press~~is ~~release~~attached ~~provided~~hereto ~~details~~as ~~not~~Exhibits ~~included in previously issued reports~~ 10.1 Aand ~~copy of the press release~~ is ~~furnished with~~incorporated ~~this~~herein ~~Current~~in ~~Report~~its onentirety ~~Form 8-K as Exhibit 99~~by reference.1.

~~Section~~Item 3.01. Notice 7 of Delisting ~~—Regulation~~or FDFailure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

~~Item~~On 7 January 15, 2008, the Nasdaq Listing Qualifications Panel granted the Company’s request for continued listing on The Nasdaq Stock Market, subject to certainconditions.01 To continue ~~Regulation~~the FDlisting ~~Disclosure~~of the Company’s shares on The Nasdaq Stock Market, the Company must: (i) provide the Nasdaq Hearings Department with a summary of the findings and recommendations resulting from an independent review of accounting practices; (ii) on or before February 4, 2008, file its Form 10-KSB for the year ended June 30, 2007, and any required restatements; and (iii) on or before February 28, 2008, file its Form 10-QSB for the quarter ended September 30, 2007.

~~The information disclosed above in~~ Item 2 3.02. Unregistered isSales of ~~incorporated~~Equity ~~herein by reference.~~Securities

The ~~press release~~ information ~~(and~~set ~~Financial~~forth ~~Tables~~above ~~included~~in ~~therein) includes a discussion of~~Item ~~earnings before interest, taxes, depreciation and amortization (“EBITDA”)~~ 1. ~~Although~~01 ~~the foregoing financial measures are not measures~~ of ~~financial condition~~this orCurrent ~~performance~~Report ~~determined~~on inForm ~~accordance~~8-K with generally accepted accounting principles (“GAAP”), the Company believes that they are useful operating performance measures for evaluating results of operations from period to period and year to year, and as compared to competitors. EBITDA is aincorporated ~~common alternative~~herein ~~measure of operating performance used~~ by ~~investors, financial~~reference ~~analysts and rating agencies to value and compare the financial performance of companies~~ in ~~the industry. A reconciliation of non-GAAP financial measures~~ ~~to GAAP~~ its ~~financial measures is included in the Financial Tables which are part of the press release furnished as Exhibit 99~~entirety.1.

The ~~information~~ Company ~~included~~issued ~~herein,~~the ~~including~~securities ~~Exhibit 99.1 furnished herewith, shall~~in ~~not~~ this betransaction ~~deemed~~in toa beprivate ~~“filed”~~placement ~~for~~exempt ~~purposes~~from ofFederal ~~Section 18 of the Securities~~securities ~~Exchange~~ registration ~~Act~~pursuant ofto ~~1934, as amended~~ Section 4(~~the “Exchange Act”~~2), ~~or otherwise subject to the liabilities~~ of ~~that section, nor shall it be incorporated by reference into any filing pursuant to~~ the Securities Act of 1933, as amended, orand ~~the~~Regulation ~~Exchange Act,~~D ~~regardless~~promulgated ~~of any incorporation by reference language in any such filing, except as expressly set forth by specific reference in such filing~~thereunder.

~~Section~~Item 9.01. - Financial Statements and Exhibits.

~~Item~~(d) ~~9.01 Financial Statements and~~ Exhibits.

~~(c)~~Exhibit ~~Exhibits~~ No. Description

Exhibit No.	Description
99.1	Press Release of Industrial Enterprises of America, Inc., dated February 16, 2006.

10.1 Form of Loan and Securities Purchase Agreement, dated as of January 16, 2008.

~~Signatures~~SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the ~~registrant~~Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Industrial Enterprises of America, Inc.

~~February 20, 2007~~(Registrant)

January 18, 2008

By: /s/ John D. Mazzuto

~~Name:~~ John D. Mazzuto

~~Title:~~ Chief Executive Officer

Filing Compare · Industrial Enterprises of America, Inc.