| Delaware                         | 13-4070586                              |
|---------------------------------------|-----------------------------------------|
| (State or other jurisdiction of  | (IRS Employer Identification No.)  |
| incorporation or organization)   |                                    |

| Large accelerated filer [  ] | Accelerated filer [  ]   |
|-----------------------------------|-------------------------------|
| Non-accelerated filer [  ]   | Smaller reporting company [x] |

----

|                                                                                                                                                                                                                                                               | Page      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|
|                                                                                                                                                                                                                                                               |      |
| Part I - Financial Information                                                                                                                                                                                                                                |      |
|                                                                                                                                                                                                                                                               |      |
| Item 1 - Financial Statements                                                                                                                                                                                                                                      |      |
|                                                                                                                                                                                                                                                               |      |
| Consolidated Balance Sheets as of March 31, 2011 (unaudited) and December 31, 2010 (unaudited)                                                                                                                                                                     | F-1  |
|                                                                                                                                                                                                                                                               |      |
| Consolidated Statements of Operations for the three months ended March 31, 2011 (unaudited) and March 31, 2010 (unaudited)                                                                                                                                         | F-2  |
|                                                                                                                                                                                                                                                               |      |
| Consolidated Statements of Cash Flows for the three months ended March 31, 2011 and March 31, 2010 (unaudited)                                                                                                                                                     | F-3  |
|                                                                                                                                                                                                                                                               |      |
| Notes to Consolidated Financial Statements                                     | F-4  |
|                                                                                                                                                                                                                                                               |      |
| Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations                                                                                                                                               | 2    |
|                                                                                                                                                                                                                                                               |      |
| Item 4T.   Controls and Procedures                                                                                                                                                                                                             | 4    |
|                                                                                                                                                                                                                                                               |      |
| PART II - OTHER INFORMATION                                                                                                                                                                                                                                        |      |
|                                                                                                                                                                                                                                                               |      |
| Item 1.    Legal Proceedings                                                                                                                                                                                                              | 5    |
|                                                                                                                                                                                                                                                               |      |
| Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds                                                                                                                                                                         | 5         |
|                                                                                                                                                                                                                                                               |      |
| Item 3.    Defaults Upon Senior Securities                                                                                                                                                                                                | 5    |
|                                                                                                                                                                                                                                                               |      |
| Item 4.    Submission of Matters to a Vote of Security Holders                                                                                                                                                                            | 5    |
|                                                                                                                                                                                                                                                               |      |
| Item 5.    Other Information                                                                                                                                                                                                              | 5    |
|                                                                                                                                                                                                                                                               |      |
| Item 6.    Exhibits and Reports on Form 8-K                                                                                                                                                                                               | 5    |
|                                                                                                                                                                                                                                                               |      |
| SIGNATURES                                                                                                                                                                                                                                                    | 6    |

----

|                                                                                                                                              |   | March 31, 2011 |        |   | December 31, 2010 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|-------------|--------|-------------------|--------|
|                                                                                                                                              |   | (Unaudited)    |        |   | (Unaudited)       |   |
| CURRENT ASSETS                                                                                                                                    |   |           |        |   |              |   |
|  Cash and cash equivalents                                                                                                                   |   | $              | 72,730      |   |              | $      | 72,730 |   |
| Accounts receivable, less allowance for doubtful accounts of $147,597 and $147,597, respectively                                                  |   |           | 43,178      |   |              |   | 43,178 |   |
| Loan receivable - short term                                                                                                                      |   |           | 13,000      |   |              |   | 13,000 |   |
| Inventory                                                                                                                                         |   |           | 76,798      |   |              |   | 77,616 |   |
| Deposits for future inventory purchases                                                                                                           |   |           | 210,344     |   |              |   | 210,344 |   |
| Prepaid Expenses                                                                                                                                  |   |           | 92,130      |   |              |   | 92,130 |   |
|       Total current assets                                                                                          |   |           | 508,180     |   |              |   | 508,498 |   |
|                                                                                                                                              |   |           |        |   |              |   |   |   |
| Property and equipment, less accumulated depreciation of $212,730 and $194,573 respectively                                                       |   |           | -           |   |              |   | 18,204 |   |
|                                                                                                                                              |   |           |        |   |              |   |   |   |
| Security deposits - retail store                                                                                                                  |   |           | 13,980      |   |              |   | 13,980 |   |
|                                                                                                                                              |   |           |        |   |              |   |   |   |
|       TOTAL ASSETS                                                                                                  |   | $              | 522,160     |   |              | $      | 540,782 |   |
|                                                                                                                                              |   |           |        |   |              |   |   |   |
| CURRENT LIABILITIES                                                                                                                               |   |           |        |   |              |   |   |   |
| Bank overdrafts                                                                                                                                   |   | $              | 34,293      |   |              | $      | 34,293 |   |
| Accounts payable and accrued expenses                                                                                                             |   |           | 1,008,118   |   |              |   | 1,008,193 |   |
| Payroll taxes and withholdings                                                                                                                    |   |           | 633,718     |   |              |   | 633,718 |   |
| Deferred activations                                                                                                                              |   |           | 213,966     |   |              |   | 213,966 |   |
| Customer deposits                                                                                                                                 |   |           | 207,158     |   |              |   | 207,158 |   |
| Common stock subject to put feature (Note 10)                                                                                                     |   |           | 323,000     |   |              |   | 323,000 |   |
|    Total current liabilities                                                                                                       |   |           | 2,420,253   |   |              |   | 2,420,328 |   |
|                                                                                                                                              |   |           |        |   |              |   |   |   |
| LONG TERM LIABILITIES                                                                                                                             |   |           |        |   |              |   |   |   |
| Loans Payable                                                                                                                                     |   |           | 368,451     |   |              |   | 368,451 |   |
| Loans payable to related parties                                                                                                                  |   |           | 3,021,090   |   |              |   | 3,018,014 |   |
|       TOTAL LIABILITIES                                                                                             |   |           | 5,809,794   |   |              |   | 5,806,793 |   |
|                                                                                                                                              |   |           |        |   |              |   |   |   |
|                                                                                                                                              |   |           |        |   |              |   |   |   |
| STOCKHOLDERS' EQUITY (DEFICIENCY)                                                                                                                 |   |           |        |   |              |   |   |   |
| Preferred stock, $.001 par value, 10,000,000 shares authorized, 0 shares issued                                                                   |   |           | -           |   |              |   | - |   |
| Common stock, $.001 par value, 200,000,000 shares authorized; issued and outstanding 115,246,793,  and 115,246,073 shares, respectively |   |           | 115,246     |   |              |   | 115,246 |   |
| Additional paid-in capital                                                                                                                        |   |           | 6,276,526   |   |              |   | 6,276,526 |   |
| Subscription receivable                                                                                                                           |   |           | (25,000     | )      |              |   | (25,000 | ) |
| Retained earnings (deficit)                                                                                                                       |   |           | (11,654,406 | )      |              |   | (11,632,783 | ) |
| Total stockholders' equity (deficiency)                                                                                                           |   |           | (5,287,634  | )      |              |   | (5,266,011 | ) |
|                                                                                                                                              |   |           |        |   |              |   |   |   |
| TOTAL LIABILITIES AND STOCKHOLDERS'EQUITY (DEFICIENCY)                                                                                            |   | $              | 522,160     |   |              | $      | 540,782 |   |
|                                                                                                                                              |   |           |        |   |              |   |   |   |

----

|                                                  |   | Three months ended March 31 |        |
|-------------------------------------------------------|--------|-----------------------------|-------------|
|                                                  |   | 2011                        |        |   | 2010 |   |
|                                                  |   | (Unaudited)                 |        |   | (Unaudited) |   |
|                                                  |   |                        |        |   |   |   |
| Sales                                                 |   | $                           | 20,083      |   |   | $ | 39,891 |   |
| Less Cost of sales                                    |   |                        | 14,000      |   |   |   | 12,099 |   |
| Gross profit                                          |   |                        | 6,083       |   |   |   | 27,792 |   |
|                                                  |   |                        |        |   |   |   |   |   |
| Selling, general and administrative expenses          |   |                        | 27,706      |   |   |   | 1,198,992 |   |
|                                                  |   |                        |        |   |   |   |   |   |
| Gain (Loss) from operations                           |   |                        | (21,623     | ) |   |   | (1,172,200 | ) |
|                                                  |   |                        |        |   |   |   |   |   |
| Loss from inventory adjustment                        |   |                        | -           |   |   |   | (346,428 | ) |
|                                                  |   |                        |        |   |   |   |   |   |
| Net gain ( loss )                                     |   | $                           | (21,623     | ) |   | $ | (1,517,628 | ) |
|                                                  |   |                        |        |   |   |   |   |   |
| Basic and diluted earnings (loss) per common share    |   |                        | 0.00        |   |   |   | (0.01 | ) |
|                                                  |   |                        |        |   |   |   |   |   |
| Weighted average shares outstanding basic and diluted |   |                        | 115,246,293 |   |   |   | 113,293,904 |   |
|                                                  |   |                        |        |   |   |   |   |   |
|                                                  |   |                        |        |   |   |   |   |   |

----

|                                                                                                |   | Three Months EndedMarch 31,  |    |
|-----------------------------------------------------------------------------------------------------|--------|-----------------------------------|---------|
|                                                                                                |   | 2011                         |    |   | 2010  |   |
|                                                                                                |   |                              |    |   |   |   |
|                                                                                                |   |                              |    |   |   |   |
|  Net gain/(loss)                                                                               |   | $                                 | (21,623 | ) |   | $ | (1,517,628 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: |   |                              |    |   |   |   |   |   |
| Depreciation and amortization                                                                       |   |                              | 18,204  |   |   |   | 17,698 |   |
| Loss on inventory adjustment                                                                        |   |                              | -       |   |   |   | 346,428 |   |
| Stock-based compensation                                                                            |   |                              | -       |   |   |   | - |   |
| Provision for returns and allowance for doubtful accounts and bad debts write-offs                  |   |                              | -       |   |   |   | 503,679 |   |
| Changes in operating assets and liabilities                                                         |   |                              |    |   |   |   |   |   |
| Receivables                                                                                         |   |                              | -       |   |   |   | 65,269 |   |
| Inventories                                                                                         |   |                              | 818     |   |   |   | 486,868 |   |
| Deposits for future inventory purchases                                                             |   |                              | -       |   |   |   | (82,647 | ) |
| Deposit and prepaid expenses                                                                        |   |                              | -       |   |   |   | (91,280 | ) |
| Customer deposits and deferred activations                                                          |   |                              | -       |   |   |   | 421,124 |   |
| Accounts payable and accrued expenses                                                               |   |                              | (75     | )  |   |   | (148,651 | ) |
| Common stock subject to put feature                                                                 |   |                              | -       |   |   |   | 75,000 |   |
| Payroll taxes and withholdings                                                                      |   |                              | -       |   |   |   | (19,699 | ) |
| Net cash (used for) operating activities                                                            |   |                              | (2,576  | ) |   |   | 56,161 |   |
|                                                                                                |   |                              |    |   |   |   |   |   |
| Investing Activities                                                                                |   |                              |    |   |   |   |   |   |
| Property and equipment disposals                                                                    |   |                              | -       |   |   |   | 23,751 |   |
|                                                                                                |   |                              |    |   |   |   |   |   |
| Net cash used for investing activities                                                              |   |                              | -       |   |   |   | 23,751 |   |
| Financing Activities                                                                                |   |                              |    |   |   |   |   |   |
| Increase (decrease) in loans payable to related parties                                             |   |                              | 3,076   |   |   |   |   |   |
| Proceeds from loans                                                                                 |   |                              | -       |   |   |   | (210,403 | ) |
| Proceeds from sale of common stock                                                                  |   |                              | -       |   |   |   | - |   |
| Net cash provided by financing activities                                                           |   |                              | -       |   |   |   | 48,500 |   |
|                                                                                                |   |                              |    |   |   |   |   |   |
| Net increase (decrease) in cash                                                                     |   |                              | 500     |   |   |   | 48,009 |   |
| Cash and cash equivalents at beginning of period                                                    |   |                              | 72,230  |   |   |   | 1,677 |   |
| Cash at end of period                                                                               |   | $                                 | 72,730  |   |   | $ | 49,686 |   |
|                                                                                                |   |                              |    |   |   |   |   |   |
| Significant non-cash investing and financing activities:                                            |   |                              |    |   |   |   |   |   |
| ... shares were issued for $5,000 worth of legal services                                       |   |                              |    |   |   |   |   |   |
|      In quarter ending March 31, 2010                                      |   |                              |    |   |   |   |   |   |
|                                                                                                |   |                              |    |   |   |   |   |   |

----

|                                                                                                                                                                                                                                 |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|
| ICTT bank account overdraft facility                                                                                                                                                                                                 |   | $      | 1,698  |   |
| FONE1 bank account overdraft facility                                                                                                                                                                                                |   |   | 32,595 |   |
| Total                                                                                                                                                                                                                                |   | $      | 34,293 |   |
|                                        |   |   |   |   |

----

|                                                                                                    |   | March 31, |     |   | December 31, |   |
|---------------------------------------------------------------------------------------------------------|--------|-----------|----------|--------|--------------|--------|
|                                                                                                    |   | 2011      |     |   | 2010         |   |
|                                                                                                    |   |      |     |   |         |   |
|  Computer equipment and software            |   | $         | 82,290   |   |         | $      | 82,290 |   |
|  Furniture and Fixtures                                                                            |   |      | 72,758   |   |         |   | 72,758 |   |
|  Leasehold Improvements                                                                            |   |      | 57,829   |   |         |   | 67,829 |   |
|                                                                                                    |   |      |     |   |         |   |   |   |
|                                                                                                    |   |      | 212,777  |   |         |   | 212,777 |   |
|  Less accumulated and depreciation                                                                 |   |      | (212,777 | )      |         |   | (194,573 | ) |
|                                                                                                    |   |      |     |   |         |   |   |   |
|  Property and equipment, net                                                                       |   |      |     |   |         |   |   |   |
|  of accumulated depreciation                                                                       |   | $         | 0        |   |         | $      | 18,204 |   |
|                                                                                                    |   |      |     |   |         |   |   |   |

|                           |   | Three months ended March 31, |   |
|--------------------------------|--------|----------------------------------------|--------|
|                           |   | 2011                                   |   |   |   | 2010 |   |
|                           |   |                                   |   |   |   |   |   |
| Current                        |   |                                   |   |   |   |   |   |
|                           |   |                                   |   |   |   |   |   |
|  Federal                  |   | $                                      | --     |   |   | $ | -- |   |
|  State                    |   |                                   | --     |   |   |   | -- |   |
|                           |   |                                   |   |   |   |   |   |   |
|  Total current provision  |   |                                   | --     |   |   |   | -- |   |
|                           |   |                                   |   |   |   |   |   |   |
|  Deferred                 |   |                                   |   |   |   |   |   |   |
|  Federal                  |   |                                   | --     |   |   |   | -- |   |
|  State                    |   |                                   | --     |   |   |   | -- |   |
|                           |   |                                   |   |   |   |   |   |   |
|  Total deferred provision |   |                                   | --     |   |   |   | -- |   |
|                           |   |                                   |   |   |   |   |   |   |
|  Total income tax expense |   | $                                      | --     |   |   | $ | -- |   |
|                           |   |                                   |   |   |   |   |   |   |

| Federal social security and income tax                                                                                                                                                                                                                                                                                               |   | $      | 539,652 |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|
|  New York State income tax                                                                                                                                                                                                                                                                                                      |   |   | 72,278  |
| New York State Department of Labor                                                                                                                                                                                                                                                                                                   |   |   | 5,810   |
| New Jersey State income tax                                                                                                                                                                                                                                                                                                          |   |   | 197     |
|  New York State Workers’ Compensation Board                                                                                                                                                                                                                                                                               |   |   | 15,786  |
|                                                        |   |   |    |
|                                                                                                                                                                                                                                                                                                                                 |   | $      | 633,718 |
|                                                                  |   |   |    |

----

| Due to chief executive officer and affiliates:    |   | $      | 3,021,090 |   |
|------------------------------------------------------------------|--------|--------|-----------|--------|
|                                                             |   |   |      |   |
| Total                                                            |   |   | 3,021,090 |   |

----

|                                                                                                                                                                                                                                                                                                               |   |         |    |   |           |   |       |           |   |   |    |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|---------|--------|----------------|--------|------------|----------------|--------|--------|---------|--------|
|                                                          |   | Telephone    |    |   |           |   |       |           |   |   |    |   |
|                                                                                                                                                                                                                     |   | products and |    |   | Transportation |   |       | Unallocated    |   |   |    |   |
|                                                          |   | services     |    |   | products       |   |       | Corporate      |   |   |    |   |
|                                                                              |   | (Europhone)  |    |   | (Eurospeed)    |   |       | Administration |   |   | Total   |   |
|                                                     |   | Segment      |    |   | Segment        |   |       | Amounts        |   |   | Amount  |   |
|                                                                                                                                                                                                                                                                                                               |   |         |    |   |           |   |       |           |   |   |    |   |
| Three Months Ended March 31, 2011                                                                                                                                                                                                                                                                                  |   |         |    |   |           |   |       |           |   |   |    |   |
| Total revenues                                                                                                                                                                                                                                                                                                     |   | $            | 20,083  |   |           | $      | --         |           |   | $      | --      |   |   | $ | 20,083 |   |
| Income (loss) from Operations                                                                                                                                                                                                                                                                                      |   |         | (4,355  | )      |           |   | --         |           |   |   | (17,268 | )      |   |   | (21,623 | ) |
| Depreciation expense                                                                                                                                                                                                                                                                                               |   |         | 18,204  |   |           |   | --         |           |   |   | --      |   |   |   | 18,204 |   |
| Total assets                                                                                                                                                                                                                                                                                                       |   |         | 388,728 |   |           |   | --         |           |   |   | 133,432 |   |   |   | 522,160 |   |
|                                                                                                                                                                                                                                                                                                               |   |         |    |   |           |   |       |           |   |   |    |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                               |   |         |    |   |           |   |       |           |   |   |    |   |   |   |   |   |
| Three Months Ended March 31, 2010                                                                                                                                                                                                                                                                                  |   |         |    |   |           |   |       |           |   |   |    |   |   |   |   |   |
| Total revenues                                                                                                                                                                                                                                                                                                     |   | $            | 39,891  |   |           | $      | --         |           |   |   | --      |   |   | $ | 39,891 |   |
| Income (loss) from Operations                                                                                                                                                                                                                                                                                      |   |         | (29,565 | )      |           |   | (1,410,696 | )              |   | $      | (77,067 | )      |   |   | (1,517,628 | ) |
| Depreciation expense                                                                                                                          |   |         | 6,566   |   |           |   | --         |           |   |   | --      |   |   |   | 6,566 |   |
| Total assets                                                                                                                                                                                                                                                                                                       |   |         | 441,815 |   |           |   | --         |           |   |   | 91,630  |   |   |   | 533,445 |   |
|                                                                                                                                                                                                                                                                                                               |   |         |    |   |           |   |       |           |   |   |    |   |   |   |   |   |

----

----

----

----

|          | /s/  Vasilios Koutsobinas           |
|---------------|----------------------------------------------------|
|          | Vasilios Koutsobinas                          |
|          | Chief Executive Officer,                      |
|          | Director                                      |
| June 14, 2011 | (Principal Executive Officer)                 |
|          |                                               |
|          |                                               |
|          | /s/  Andrew Eracleous                    |
|          | Andrew Eracleous                              |
|          | Chief Financial Officer                       |
|          | Director                                      |
|          | (Principal Financial and Accounting Officer)  |

----

| Exhibits  |                                                                                                  |
|----------------|-------------------------------------------------------------------------------------------------------|
| Number         | Description of Exhibits                                                                               |
|           |                                                                                                  |
| 21        | List of Subsidiaries.                                                                            |
|           |                                                                                                  |
| 31.1      | Certification of the Company's Chief Executive Officer pursuant to Section 302 of Sarbanes Oxley Act. |
|           |                                                                                                  |
| 31.2      | Certification of the Company's Chief Financial Officer pursuant to Section 302 of Sarbanes Oxley Act. |
|           |                                                                                                  |
| 32.1      | Certification of the Company's Chief Executive Officer pursuant to 18 U.S.C. Section 1350             |
|           |                                                                                                  |
| 32.2      | Certification of the Company's Chief Financial Officer pursuant to 18 U. S. C. Section 1350           |

----