|                                 |                                                                                                                  |
|--------------------------------------|-----------------------------------------------------------------------------------------------------------------------|
| 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 June 30, 2010 (unaudited) and December 31, 2009 (unaudited)                                                                                                                                        | F-1  |
|                                                                                                                                                                                                                                 |      |
| Consolidated Statements of Operations for the three and six months ended June 30, 2010 and June 30, 2009 (unaudited)                                                                                                                 | F-2  |
|                                                                                                                                                                                                                                 |      |
| Consolidated Statements of Cash Flows for the six months ended June 30, 2010 and June 30, 2009 (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 3. 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         |
|                                                                                                                                                                                                                                 |      |

----

|                                                                                                                                                   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                   |   | June 30, 2010 |   |   | December 31, 2009 |   |
|                                                                                                                                                   |   | (Unaudited) |   |   | (Unaudited) |   |
| CURRENT ASSETS                                                                                                                                         |   |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                              |   | $ | 77,257 |   |   | $ | 1,677 |   |
| Accounts receivable, less allowance for doubtful accounts of $147,597 and $197,025, respectively                                                       |   |   | (25,074 | ) |   |   | 69,918 |   |
| Loan receivable - short term                                                                                                                           |   |   | 3,000 |   |   |   | - |   |
| Inventory                                                                                                                                              |   |   | 91,720 |   |   |   | 578,628 |   |
| Deposits for future inventory purchases                                                                                                                |   |   | 210,344 |   |   |   | 127,697 |   |
| Prepaid Expenses                                                                                                                                       |   |   | 91,630 |   |   |   | - |   |
|       Total current assets                                                                                               |   |   | 448,877 |   |   |   | 777,920 |   |
|                                                                                                                                                   |   |   |   |   |   |   |   |   |
| Property and equipment, less accumulated depreciation of $159,177 and $117,215 respectively                                                            |   |   | 53,700 |   |   |   | 112,845 |   |
|                                                                                                                                                   |   |   |   |   |   |   |   |   |
| Security deposits - retail store                                                                                                                       |   |   | 13,980 |   |   |   | 14,330 |   |
|                                                                                                                                                   |   |   |   |   |   |   |   |   |
|                                                                                                                                                   |   |   |   |   |   |   |   |   |
|       TOTAL ASSETS                                                                                                       |   | $ | 516,557 |   |   | $ | 905,095 |   |
|                                                                                                                                                   |   |   |   |   |   |   |   |   |
| CURRENT LIABILITIES                                                                                                                                    |   |   |   |   |   |   |   |   |
| Bank overdrafts                                                                                                                                        |   | $ | 34,293 |   |   | $ | 34,293 |   |
| Bank lines of credit                                                                                                                                   |   |   | - |   |   |   | 210,422 |   |
| Accounts payable and accrued expenses                                                                                                                  |   |   | 1,012,276 |   |   |   | 1,160,927 |   |
| Payroll taxes and withholdings                                                                                                                         |   |   | 633,718 |   |   |   | 653,417 |   |
| Deferred activations                                                                                                                                   |   |   | 213,966 |   |   |   | - |   |
| Customer deposits                                                                                                                                      |   |   | 207,158 |   |   |   | - |   |
| Common stock subject to put feature (Note 10)                                                                                                          |   |   | 248,000 |   |   |   | 323,000 |   |
|    Total current liabilities                                                                                                            |   |   | 2,349,411 |   |   |   | 2,382,059 |   |
|                                                                                                                                                   |   |   |   |   |   |   |   |   |
|                                                                                                                                                   |   |   |   |   |   |   |   |   |
| LONG TERM LIABILITIES                                                                                                                                  |   |   |   |   |   |   |   |   |
| Loans payable                                                                                                                                          |   |   | 178,351 |   |   |   | - |   |
| Loans payable to related parties                                                                                                                       |   |   | 1,965,248 |   |   |   | 2,177,168 |   |
|       TOTAL LIABILITIES                                                                                                  |   | $ | 4,493,010 |   |   | $ | 4,559,227 |   |
|                                                                                                                                                   |   |   |   |   |   |   |   |   |
|                                                                                                                                                   |   |   |   |   |   |   |   |   |
|                                                                                                                                                   |   |   |   |   |   |   |   |   |
| 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 115,260,793,  and 113,075,793 shares, respectively |   |   | 115,261 |   |   |   | 113,076 |   |
| Additional paid-in capital                                                                                                                             |   |   | 6,202,018 |   |   |   | 6,048,273 |   |
| Subscription receivable                                                                                                                                |   |   | (25,000 | ) |   |   | (25,000 | ) |
| Retained earnings (deficit)                                                                                                                            |   |   | (10,268,732 | ) |   |   | (9,790,481 | ) |
| Total stockholders' equity (deficiency)                                                                                                                |   |   | (3,976,453 | ) |   |   | (3,654,132 | ) |
|                                                                                                                                                   |   |   |   |   |   |   |   |   |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)                                                                                                |   | $ | 516,557 |   |   | $ | 905,095 |   |
|                                                                                                                                                   |   |   | - |   |   |   | - |   |
|                                                                                                                                                   |   |   |   |   |   |   |   |   |
|                                                                                                                                                   |   |   |   |   |   |   |   |   |
|                                                                                                                                                   |   |   |   |   |   |   |   |   |
|                                                                                                                                                   |   |   |   |   |   |   |   |   |

----

|                                                         |   | Three months ended June 30 |        |   | Six months ended June 30 |   |
|--------------------------------------------------------------|--------|---------------------------------|-------------|--------|--------------------------|--------|
|                                                         |   | 2010                            |        |   | 2009                     |   |   | 2010 |   |   | 2009 |   |
|                                                         |   | (Unaudited)                     |        |   | (Unaudited)              |   |   | (Unaudited) |   |   | (Unaudited) |   |
|                                                         |   |                            |        |   |                     |   |   |   |   |   |   |   |
|  Sales                                                  |   | $                               | 18,865      |   |                     | $      | 115,153 |   |   | $ | 58,756 |   |   | $ | 215,390 |   |
|                                                         |   |                            |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|  Less Cost of sales                                     |   |                            | 10,495      |   |                     |   | 115,346 |   |   |   | 22,594 |   |   |   | 200,155 |   |
|                                                         |   |                            |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|  Gross profit                                           |   |                            | 8,370       |   |                     |   | (193 | ) |   |   | 36,162 |   |   |   | 15,235 |   |
|                                                         |   |                            |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|  Selling, general and administrative expenses           |   |                            | 148,293     |   |                     |   | 257,616 |   |   |   | 1,347,285 |   |   |   | 653,780 |   |
|                                                         |   |                            |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|  Loss from operations                                   |   |                            | (139,923    | )      |                     |   | (257,809 | ) |   |   | (1,311,123 | ) |   |   | (638,545 | ) |
|                                                         |   |                            |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|  Loss from inventory adjustment                         |   |                            | -           |   |                     |   | - |   |   |   | (346,428 | ) |   |   | - |   |
|                                                         |   |                            |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|  Interest expense                                       |   |                            | (2,730      | )      |                     |   | (27,461 | ) |   |   | - |   |   |   | (27,728 | ) |
|                                                         |   |                            |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|  Net loss                                               |   | $                               | (142,653    | )      |                     | $      | (285,270 | ) |   | $ | (1,311,123 | ) |   | $ | (666,273 | ) |
|                                                         |   |                            |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|  Basic and diluted earnings (loss) per common share     |   |                            | (0.00       | )      |                     |   | (0.00 | ) |   |   | (0.01 | ) |   |   | (0.01 | ) |
|                                                         |   |                            |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|  Weighted average shares outstanding, basic and diluted |   |                            | 115,004,394 |   |                     |   | 112,651,403 |   |   |   | 114,141,232 |   |   |   | 112,383,660 |   |
|                                                         |   |                            |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|                                                         |   |                            |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|                                                         |   |                            |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|                                                         |   |                            |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|                                                         |   |                            |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                                                |   | Six Months Ended June 30 |       |
|-----------------------------------------------------------------------------------------------------|--------|-------------------------------|------------|
|                                                                                                |   | 2010                          |       |   | 2009 |   |
|                                                                                                |   | (unaudited)                   |       |   | (unaudited) |   |
| Operating Activities                                                                                |   |                          |       |   |   |   |
|                                                                                                |   |                          |       |   |   |   |
|  Net (loss)                                                                                    |   | $                             | (1,660,281 | ) |   | $ | (666,273 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: |   |                          |       |   |   |   |   |   |
| Depreciation and amortization                                                                       |   |                          | 35,396     |   |   |   | 13,132 |   |
| Stock for consulting services                                                                       |   |                          | -          |   |   |   | 6,250 |   |
| Interest on common stock subject to put feature                                                     |   |                          | 2,730      |   |   |   | - |   |
| Loss on inventory adjustment                                                                        |   |                          | 346,428    |   |   |   | - |   |
| Provision for returns and allowance for doubtful accounts and bad debts write-offs                  |   |                          | 503,679    |   |   |   | - |   |
| Changes in operating assets and liabilities                                                         |   |                          |       |   |   |   |   |   |
| Receivables                                                                                         |   |                          | 91,992     |   |   |   | (52,986 | ) |
| Inventories                                                                                         |   |                          | 486,908    |   |   |   | 95,624 |   |
| Deposits for future inventory purchases                                                             |   |                          | (82,647    | ) |   |   | - |   |
| Deposit and prepaid expenses                                                                        |   |                          | (91,280    | ) |   |   | 23,099 |   |
| Customer deposits and deferred activations                                                          |   |                          | 421,124    |   |   |   | 284,582 |   |
| Accounts payable and accrued expenses                                                               |   |                          | (148,651   | ) |   |   | - |   |
| Common stock subject to put feature                                                                 |   |                          | 75,000     |   |   |   | - |   |
| Payroll taxes and withholdings                                                                      |   |                          | (19,699    | ) |   |   | 168,094 |   |
|                                                                                                |   |                          |       |   |   |   |   |   |
| Net cash (used for) operating activities                                                            |   |                          | (39,301    | ) |   |   | (128,478 | ) |
|                                                                                                |   |                          |       |   |   |   |   |   |
| 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                                             |   |                          | (211,920   | ) |   |   | (8,583 | ) |
| Proceeds from loans                                                                                 |   |                          | 213,350    |   |   |   | - |   |
| Proceeds from sale of common stock                                                                  |   |                          | 89,700     |   |   |   | 135,250 |   |
|                                                                                                |   |                          |       |   |   |   |   |   |
| Net cash provided by financing activities                                                           |   |                          | 91,130     |   |   |   | 126,667 |   |
|                                                                                                |   |                          |       |   |   |   |   |   |
| Net increase (decrease) in cash                                                                     |   |                          | 75,580     |   |   |   | (1,811 | ) |
| Cash and cash equivalents at beginning of period                                                    |   |                          | 1,677      |   |   |   | 1,848 |   |
|                                                                                                |   |                          |       |   |   |   |   |   |
|  Cash at end of period                                                                         |   | $                             | 77,257     |   |   | $ | 37 |   |
|                                                                                                |   |                          | -          |   |   |   |   |   |
| Significant non-cash investing and financing activities:                                            |   |                          |       |   |   |   |   |   |
| 273,000 shares were issued as interest for shares subject to put feature                            |   |                          |       |   |   |   |   |   |
| 50,000 shares were issued for $5,000 worth of legal services                                        |   |                          |       |   |   |   |   |   |
|                                                                                                |   |                          |       |   |   |   |   |   |
|                                                                                                |   |                          |       |   |   |   |   |   |
|                                                                                                |   |                          |       |   |   |   |   |   |
|                                                                                                |   |                          |       |   |   |   |   |   |
|                                                                                                |   |                          |       |   |   |   |   |   |

----

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

----

|                                 |   |     |     |   |         |    |
|--------------------------------------|--------|----------|----------|--------|--------------|---------|
|                                 |   | June 30, |     |   | December 31, |    |
|                                 |   |     | 2010     |   |         |    | 2009 |   |
|                                 |   |     |     |   |         |    |   |   |
| Computer equipment and software      |   | $        | 82,290   |   |         | $       | 82,290 |   |
| Furniture and fixtures          |   |     | 72,758   |   |         |    | 79,24  |   |
| Leasehold improvements          |   |     | 57,829   |   |         |    | 66,878 |   |
|                                 |   |     | 212,877  |   |         |    | 228,915 |   |
| Less accumulated depreciation ) |   |     | (147,597 | )      |         |    | (117,215 | )  |
| Property and equipment, net          |   |     |     |   |         |    |   |   |
| Of accumulated depreciation     |   | $        | 73,700   |   |         | $  | 112,845 |   |
|                                 |   |     |     |   |         |    |   |   |

|                           |   |                      |   |   |   |   |
|--------------------------------|--------|---------------------------|--------|--------|--------|--------|
|                           |   | Six months ended June 30, |   |
|                           |   | 2010                      |   |   |   | 2009   |   |
|                           |   |                      |   |   |   |   |   |
| Current                        |   |                      |   |   |   |   |   |
|                           |   |                      |   |   |   |   |   |
|  Federal                  |   | $                         | --     |   |   | $      | -- |   |
|  State                    |   |                      | --     |   |   |   | -- |   |
|                           |   |                      |   |   |   |   |   |   |
|  Total curent 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: |   | $      | 1,965,278 |   |
|                                                 |   |   |      |   |
|      Total                  |   | $      | 1,965,278 |   |
|                                                 |   |   |      |   |

----

|                                         |   |         |     |   |            |   |   |           |   |   |     |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|----------|--------|-----------------|--------|--------|----------------|--------|--------|----------|--------|
|                                              |   | Telephone    |     |   |            |   |   |           |   |   |     |   |
|                                              |   | products and |     |   | Transaportation |   |   | Unallocated    |   |   |     |   |
|                                                             |   | services     |     |   | products        |   |   | Corporate      |   |   |     |   |
|                                              |   | (Europhone)  |     |   | (Eurospeed)     |   |   | Administration |   |   | Total    |   |
|                                                        |   | Segment      |     |   | Segment         |   |   | Amounts        |   |   | Amount   |   |
|                                                                                                                                                                                                                                       |   |         |     |   |            |   |   |           |   |   |     |   |
| Three Months Ended June 30, 2010                                                                                                                                                                                                           |   |         |     |   |            |   |   |           |   |   |     |   |
| Total revenues                                                                                                                                                                                                                             |   | $            | 18,965   |   |            | $      | --     |           |   | $      | --       |   |   | $ | 18,865 |   |
| Income (loss) from Operations                                                                                                                                                                                                              |   |         | ( 57,820 | )      |            |   | --     |           |   |   | ( 82,103 | )      |   |   | (139,923 | ) |
| Depreciation expense                                                                                                                                                                                                                       |   |         | --       |   |            |   | --     |           |   |   | 17.698   |   |   |   | 17,698 |   |
| Total assets                                                                                                                                                                                                                               |   |         | 287,953  |   |            |   | --     |           |   |   | 228,604  |   |   |   | 516,557 |   |
|                                                                                                                                                                                                                                       |   |         |     |   |            |   |   |           |   |   |     |   |   |   |   |   |

----

|                             |   |   |     |   |   |   |    |   |   |   |    |   |
|----------------------------------|--------|--------|----------|--------|--------|--------|---------|--------|--------|--------|---------|--------|
| Three Months Ended June 30, 2009 |   |   |     |   |   |   |    |   |   |   |    |   |
| Total revenues                   |   | $      | 20,784   |   |   | $      | 94,639  |   |   | $      | --      |   |   | $ | 115,153 |   |
| Income (loss) from Operations    |   |   | (210,129 | )      |   |   | 8,141   |   |   |   | (55,821 | )      |   |   | (257,809 | ) |
| Depreciation expense             |   |   | --       |   |   |   | --      |   |   |   | 6,566   |   |   |   | 6,566 |   |
| Total assets                     |   |   | 371,633  |   |   |   | 586,481 |   |   |   | 166,829 |   |   |   | 1,124,943 |   |

|                                       |   | Telephone          |     |   |                 |   |       |                 |   |   |         |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|----------|--------|----------------------|--------|------------|----------------------|--------|--------|--------------|--------|
|                                            |   |  products and |     |   |  Transportation |   |       |  Unallocated    |   |   |         |   |
|                                            |   |  services     |     |   |  products       |   |       |  Corporate      |   |   |         |   |
|                                                 |   |  (Europhone)  |     |   |  (Eurospeed)    |   |       |  Administration |   |   |  Total  |   |
|                                                                                                                                                                                                                           |   |  Segment      |     |   |  Segment        |   |       |  Amounts        |   |   |  Amount |   |
|                                                                                                                                                                                                                           |   |               |     |   |                 |   |       |                 |   |   |         |   |   |
| Six Months Ended June 30, 2010                                                                                                                                                                                                 |   |               |     |   |                 |   |       |                 |   |   |         |   |   |
| Total revenues                                                                                                                                                                                                                 |   | $                  | 58,576   |   |                 | $      | --         |                 |   | $      | --           |   |   | $ | 58,576 |   |
| Income (loss) from Operations                                                                                                                                                                                                  |   |               | (44,400  | )      |                 |   | (1,091,123 | )                    |   |   | (175,600     | )      |   |   | (1,311,123 | ) |
| Depreciation expense                                                                                                                                                                                                           |   |               | --       |   |                 |   | --         |                 |   |   | --           |   |   |   | 7,868 |   |
| Total assets                                                                                                                                                                                                                   |   |               | 287,953  |   |                 |   | --         |                 |   |   | 228,604      |   |   | $ | 516,557 |   |
|                                                                                                                                                                                                                           |   |               |     |   |                 |   |       |                 |   |   |         |   |   |   |   |   |
|                                                                                                                                                                                                                           |   |               |     |   |                 |   |       |                 |   |   |         |   |   |   |   |   |
| Six Months Ended June 30, 2009                                                                                                                                                                                                 |   |               |     |   |                 |   |       |                 |   |   |         |   |   |   |   |   |
| Total revenues                                                                                                                                                                                                                 |   | $                  | 120,761  |   |                 | $      | 94,639     |                 |   |   | --           |   |   | $ | 215,390 |   |
| Income (loss) from Operations                                                                                                                                                                                                  |   |               | (478,598 | )      |                 |   | (37,397    | )                    |   |   | (122,550     | )      |   |   | (638,545 | ) |
| Depreciation expense                                                                                                                                                                                                           |   |               | 13,132   |   |                 |   | --         |                 |   |   | --           |   |   |   | 13,132 |   |
| Total assets                                                                                                                                                                                                                   |   |               | 371,633  |   |                 | $      | 586,481    |                 |   | $      | 166,829      |   |   | $ | 1,124,943 |   |
|                                                                                                                                                                                                                           |   |               |     |   |                 |   |       |                 |   |   |         |   |   |   |   |   |
|                                                                                                                                                                                                                           |   |               |     |   |                 |   |       |                 |   |   |         |   |   |   |   |   |
|                                                                                                                                                                                                                           |   |               |     |   |                 |   |       |                 |   |   |         |   |   |   |   |   |

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|       |                                                                                                                                                 |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| 21.1  | List of Subsidiaries                                                                                                                                 |
|       |                                                                                                                                                 |
| 31.1  | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                   |
|       |                                                                                                                                                 |
| 31.2       | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                   |
|       |                                                                                                                                                 |
| 32.1       | Certification of Chief Executive Officer pursuant to 8 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002     |
|       |                                                                                                                                                 |
|       |                                                                                                                                                 |
| 32.2       | Certification of Chief Financial Officer pursuant to 8 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|       |                                                                                                                             |
|       |                                                                                                                                                 |

|                                                                                                                                                                                                                                                                                                   |                                                                           |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                   |  /s/  Vasilios Koutsobinas                                      |
|                                                                                                                                                                                                                                                                                                   |  Vasilios Koutsobinas                                                     |
|                                                   | Chief Executive Officer,                                                  |
|                                                   | Director                                                                  |
|                                                        | (Principal Executive Officer)                                             |
|                                                                                                                                                                                                                                                                                                   |                                                                           |
|                                                                                                                                                                                                                                                                                                   |                                                                           |
|                                                                                                                                                                                                                                                                                                   |                                                                           |
| May 23, 2011                                                                                                                                                                                                                                                                                           |                                                                           |
|                                                                                                                                                                                                                                                                                                   |                                                                           |
|                                                                                 | s/  Andrew Eracleous         |
|                                                                                                                                                                                                                                                                                                   | Andrew Eracleous                                                               |
|                                                                                                                                                                                                                                                                                                   | Chief Financial Officer                                                        |
|                                                                                                                                                                                                                                                                                                   | Director                                                                       |
|                                                                                                                                                                                                                                                                                                   | (Principal Financial and                                                       |
|                                                                                                                                                                                                                                                                                                   | Accounting Officer)                                                            |

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|                                                         |                                                                                                             |
|--------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------|
|                                                         |                                                                                                             |
| 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 to18 U.S.C. Section 1350                         |
|                                                         |                                                                                         |
| 32.2                           | Certification of the Company's Chief Financial Officer pursuant to  18 U.S.C. Section 1350                  |

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