Subsequent Events

9 Months Ended

Sep. 30, 2011

Subsequent Events [Abstract]

Subsequent Events

NOTE 15

Subsequent Events

On July 8, 2010, the Company issued a Convertible Promissory Note to ATL in the aggregate principal amount of $500,000 (the "Forex Note"). In consideration for the Company issuing the Forex Note, ATL issued the Company a Secured and Collateralized Promissory Note in the principle amount of $400,000 (the "ATL Note"). Concurrent with the conversion of the Forex Note, ATL was to make a payment to the Company reducing a pro rata amount owed to the Company under the ATL Note. On November 8, 2010, ATL agreed that various loans in the principal amount of $71,736 (the "Prepaid Amount") provided by ATL to the Company should be converted into shares of common stock On January 18, 2011, the Company issued 324,234 common shares of the Company to ATL in settlement of the Prepaid Amount in lieu of cash payment in the amount of the Prepaid Amount, but such shares were not delivered to ATL (the "Undelivered Shares"). As of October 27, 2011, ATL had advanced to the Company an additional amount of $159,495 under the ATL Note, resulting in the Company being indebted to ATL in the aggregate amount of $231,231 (the "Total Debt").

On April 7, 2011, ATL assigned two thirds of the Total Debt to Watford Holding Inc. and James Bay Holdings, Inc., (collectively the "Indebted Parties"). As of October 27, 2011, the Indebted Parties had threatened to commence litigation against the Company for breach of the Forex Note and non-payment of the Total Debt.

In efforts to reduce debt and cure the default, on November 1, 2011, the Company and the Indebted Parties entered into a Settlement Agreement (the "Agreement") whereby without admitting any wrongdoing on either part, settling all previous agreements and resolved any existing disputes. Under the terms of the Agreement, the Company agreed to issue the Indebted Parties 45,000 shares of Series B Preferred Stock of the Company on a pro-rata basis and the Undelivered Shares were returned to the treasury of the Company. The Series B Preferred Stock has a stated value of $100 per share and is convertible into our common stock at a conversion price of $0.30 per share representing 150,000 common shares. Further, the Series B Preferred Stock votes on an as converted basis and carries standard anti-dilution rights. The issuance will represent issuance for cash consideration of approximately $5.14 for each share of Series B Preferred Stock and the Total Debt amount will be recorded as equity. ATL agreed to return the Undelivered Shares for cancellation.

Following the issuance and delivery of the shares of Series B Preferred Stock to the Indebted Parties, as well as surrendering the Undelivered Shares, the Agreement resulted in the settlement of all debts, liabilities and obligations between the parties and that all balances between the Company and Indebted Parties will be off set, so no party has any balance with the other party.

On or about November 10, 2011 the Company through its attorney issued an additional formal letter to Directors of Asset Subsidiary putting them on notice, stating that the Company has made several attempts to obtain the financial statements for the nine months ended September 30, 20 11 for Asset and  Asset Subsidiary. To date, the Directors of Asset Subsidiary have not provided the financial statements for Asset and Asset Subsidiary, and have advised that they do not intend to provide such financial statements. As they have refused to provide the financial statements for Asset and Asset Subsidiary, the Company intends to file its quarterly report without the financial statements for Asset and Asset Subsidiary.

In its letter to the Directors of Asset Subsidiary, Company requested that the recipients immediately appoint Ms. Liat Franco, a member of the Company’s Board of Directors, to the Board of Directors of Asset Subsidiary, replacing Mr. D. Offer, for the purpose of reinstating Company’s operating control over the Asset’s activities.  As of the date of this filing, the Directors of Asset Subsidiary have not responded affirmatively to that request.

On November 15, 2011, Liat Franco was appointed by the Company to serve as the Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and a director of the Company.  As management of the Asset, which the Company owns approximately 49.90 %, has refused to provide the financial statements for Triple resulting in an increased adversarial relationship, the Board of Directors elected to appoint Ms. Franco, who is an attorney licensed in the United States and Israel, as an executive officer and director to handle this matter.  Further, on November 15, 2011, Darren Dunckel resigned as an executive officer and director of the Company and William Glass and Stewart Reich also resigned as directors.