Ict Technologies Inc · 10QSB · For 9/30/06

Filed On 11/13/06 4:05pm ET   ·   SEC File 0-29805   ·   Accession Number 1005663-6-35

Quarterly Report -- Small Business   ·   Form 10-QSB
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10QSB       Quarterly Report -- Small Business                    24±    81K 

Document Table of Contents

Sponsored Ads...

UNITED STATES                 
SECURITIES AND EXCHANGE COMMISSION                  
Washington, D.C. 20549                  

FORM 10-QSB                 

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE                           
SECURITIES EXCHANGE ACT OF 1934                                                 

For the six months period ended September 30, 2006                              

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE                          
SECURITIES EXCHANGE ACT OF 1934                                                 

For the transition period from January 1, to September 30, 2006                 

ICT Technologies, Inc.                                                          
(Exact name of small business issuer as specified in its charter)               

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

ICT Technologies, Inc.                                                          
181 Westchester Avenue, Port Chester, NY 10573                                  
(914) 937-3900                                                                  

(Address and telephone number of principal executive offices, principal         
place of business, and name, address and telephone number)                      
Indicate by check mark whether registrant (1) has filed all reports required    
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934       
during the preceding 12 months (or for such shorter period that the registrant  
was required to file such reports), and (2) has been subject to such filing     
requirements for the past 90 days. Yes [X] No [ ]                               
Indicate the number of shares outstanding of each of the issuer's classes of    
common stock, as of the latest practicable date.                                
Common Stock, par value $0.001, 96,427,384 shares outstanding as of             
September 30, 2006 Transitional Small Business Disclosure Format (check one):   
Yes [ ] No [X]                                                                  

ICT TECHNOLOGIES, INC.          

TABLE OF CONTENTS           

Special Note Regarding Forward Looking Information....................3         

PART I - FINANCIAL INFORMATION                                                  

Item 1. Financial Statements (Unaudited)..............................5         
Notes to Financial Statements.................................8 
Item 2. Management's Discussion and Analysis of Financial Condition and         
Results of Operations........................................10 
Item 3. Controls and Procedures......................................14         

PART II - OTHER INFORMATION                                                     

Item 1. Legal Proceedings........................................... 15         
Item 2. Changes in Securities and Use of Proceeds................... 15         
Item 3. Defaults Upon Senior Securities............................. 15         
Item 4. Submission of Matters to a Vote of Security Holders......... 15         
Item 5. Other Information........................................... 15         
Item 6. Exhibits and Reports on Form 8-K............................ 15         

SIGNATURES........................................................16-18         

QUARTERLY REPORT ON FORM 10QSB FOR ICT TECHNOLOGIES, INC.                       

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS                               

To the extent that the information presented in this Quarterly Report on        
Form 10-QSB for the nine months ended September 30, 2006 discusses financial    
projections, information or expectations about the products or markets of       
our Company, or otherwise makes statements about future events, such            
statements are forward-looking.  We are making these forward-looking            
statements in reliance on the safe harbor provisions of the Private             
Securities Litigation Reform Act of 1995.  Although we believe that the         
expectations reflected in these forward-looking statements are based on         
reasonable assumptions, there are a number of risks and uncertainties that      
could cause actual results to differ materially from such forward-looking       
statements.                                                                     

These risks and uncertainties are described, among other places, in our Annual  
Report on Form 10-KSB for the year ended December 31, 2005 under "Management's  
Discussion and Analysis".  Readers are cautioned not to place undue reliance on 
these forward-looking statements, which speak only as of the date hereof.       
In addition, we do not undertake hereby any obligations to update any           
forward-looking statements to reflect events or circumstances after the date of 
this Quarterly Report.  When considering such forward-looking statements,       
readers should keep in mind the risks referenced above and the other cautionary 
statements in this Quarterly Report.  Descriptions of our suppliers and their   
operations contained herein are taken in part from corporate web sites and      
other sources that are believed to be accurate but as to which we cannot        
guarantee accuracy.                                                             

PART I - FINANCIAL INFORMATION                                                  

 INDEX TO FINANCIAL STATEMENTS

Part I - Financial Information                                                  
                                                                    Page

Item 1 - Financial Statements                                                   

Consolidated Balance Sheets as of September 30, 2006 (unaudited)                
and December 31, 2005                                                    F-2    

Consolidated Statements of Operations for the nine months                       
ended September 30, 2006 and twelve months ended December 31, 2005       F-3    

Consolidated Statements of Operations for the nine months ended                 
September 30, 2006 and 2005 (unaudited)                                  F-4    

Consolidated Statements of Stockholders' Equity for the nine                    
months ended September 30, 2006 (unaudited)                              F-5    

Consolidated Statements of Cash Flows for the nine months ended                 
September 30, 2006 and 2005 (unaudited)                                  F-6    

Notes to Financial Statements                                     F-7 - F-16    

ITEM 1 - Consolidated financial statements                                      

   ICT TECHNOLOGIES, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEET

                                September 30, 2006     December 31, 2005
ASSETS                                   (Unaudited)          (Audited)         

CURRENT ASSETS                                                                  
Cash in bank                           $    173,641       $              -      
Accounts receivable, less allowance                                      -      
for doubtful accounts of $ 30,057          30,058       $         30,058    
Promotional inventory                        99,028                 31,136      
Accounts receivable - Others                  1,929                             
Subscriptions receivable                     24,150                      -      

Total current assets                   328,806                 61,194 

PROPERTY AND EQUIPMENT, net                   1,279                      -      

Other Asset                                                                     
Deposit - factory order                      17,985                      -      

  TOTAL ASSETS                   $    348,070       $         61,194

LIABILITIES AND STOCKHOLDERS' EQUITY                                            

CURRENT LIABILITIES                                                             
Bank overdraft                     $          -       $         34,356  
Bank lines of credit                    254,826                254,826  
Accounts payable and accrued expenses    84,996                122,106  
Payroll taxes and withholdings          448,986                475,812  
Customer deposit                         54,960                 54,960  
Loans payable to related parties      1,774,722              1,758,366  

Total current liabilities         $  2,618,490       $      2,700,426 

Total liabilities                 $  2,618,490       $      2,700,426 

STOCKHOLDERS' EQUITY (DEFICIENCY)                                               
Preferred stock, $.001 par value; authorized                                    
10,000,000 shares, issued and outstanding                                       
0 shares                                                                        
Common stock, $.001 par value; authorized                                       
200,000,000 shares, issued and outstanding                                      
96,427,384 shares                            96,428                 86,655      
Additional paid-in capital                3,155,249              2,700,039      
Common stock subscribed                                                         
483,000 shares                               23,667                             
Retained earnings (deficit)              (5,545,764)            (5,425,926)     

Total stockholders' equity                                            
   (deficiency)                     (2,270,420)            (2,639,232)

TOTAL LIABILITIES AND STOCKHOLDERS'                                   
  EQUITY (DEFICIENCY)             $   348,070         $       61,194

The accompanying notes are an integral part of this statement.                  

ICT TECHNOLOGIES, INC. AND SUBSIDIARIES         
CONSOLIDATED STATEMENTS OF OPERATIONS         

                                   For the 9 months      For the 12 months
                              ended September 30, 2006   December 31, 2005
                                  (Unaudited)          (Audited)
Revenue:                                                                        
Commissions & other                        $           -       $          -     

     Total revenue                                -                  -

Cost and expenses:                                                              
Cost of sales                                                                   
Selling, general and administrative               84,664             67,643     
Depreciation                                           -              1,944     

Total costs and expenses                          84,664             69,587     

Net income(loss) from operations               (  84,664)         (  69,587)    

Interest expense                                  35,174             24,750     

Net income(loss)                               ( 119,838)         (  94,337)    

Basic earnings (loss) per common share      $       (.00)       $      (.00)    

Weighted average shares outstanding, basic    96,427,384         86,552,634     

The accompanying notes are an integral part of these statements.                

ICT TECHNOLOGIES, INC. AND SUBSIDIARIES       
CONSOLIDATED STATEMENTS OF OPERATIONS       

                                  For the 9 months      For the 9 months
                                ended Sep. 30, 2006  ended Sep. 30, 2005
                                     (Unaudited)         (Unaudited)

Revenue:                                                                        
Commissions & other                        $           -       $          -     

     Total revenue                                -                  -

Cost and expenses:                                                              
Cost of sales                                                                   
Selling, general and administrative               84,664             22,868     
Depreciation                                           -              1,944     

Total costs and expenses                          84,664             24,812     

Net income(loss) from operations               (  84,664)         (  24,812)    

Interest expense                                  35,174                  -     

Net income(loss)                               ( 119,838)         (  24,812)    

Basic earnings (loss) per common share      $       (.00)       $      (.00)    

Weighted average shares outstanding, basic    96,427,384         86,654,384     

The accompanying notes are an integral part of these statements.                

                                                                [Download Table]
               ICT TECHNOLOGIES, INC. AND SUBSIDIARIES                              
   CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIENCY)          
                            (UNAUDITED)                                             

                                      Common    Additional   Retained               
                   Common    Stock    Stock      Paid-in     Earning                
                   Shares    Amount Subscribed   Capital     (Deficit)    Total     
                                                                                    
Balance at                                                                          
January 1,                                                                          
2006             86,654,384  $86,655 $      -  $ 2,700,039 $(5,425,926)$(2,639,232) 

Sales of common                                                                     
  stock           9,290,000    9,290               455,210                 464,500  
Common stock                                                                        
  subscribed        483,000      483   23,667                               24,150  

Net loss for the                                                                    
nine months                                                                         
ended Sep. 30,                                                                      
2006                                                         (  119,838) (  119,838)
Balance at                                                                          
Sep. 30, 2006    96,427,384  $96,428 $ 23,667   $ 3,155.249 $(5,545,764)$(2,270,420)

Net loss for the nine months ended September 30, 2006 - $ (  119,838)           

The accompanying notes are an integral part of this statement.                  

ICT TECHNOLOGIES INC. AND SUBSIDIARIES      
CONSOLIDATED STATEMENTS OF CASH FLOWS       

                                     For the nine months ended
                                   Sep. 30, 2006   Sep. 30, 2005
                                     (Unaudited)   (Unaudited)

OPERATING ACTIVITIES                                                            
Net income(loss)                           $ (   119,838)   $      24,812       
Adjustments to reconcile net income (loss)                                      
to net cash provided by (used in)                                             
operating activities:                                                         
Depreciation                                           -            1,944       
Changes in operating assets and liabilities:                                    
Overdraft                                              -                -       
Receivable                                   (     1,929)               -       
Subscriptions receivable                     (    24.150)                       
Inventory                                    (    67,892)               -       
Deposit - factory order                      (    17,985)               -       
Accounts payable and accrued expenses        (    37,110)     (    28,332)      
Payroll taxes and withholdings               (    26,826)     (     3,234)      

Cash (used) by operating activities          (   175,892)     (    29,622)      

INVESTING ACTIVITIES                                                            
Capital expenditures                         (     1,279)               -       

Net cash (used/provided)in investing                                            
activities           -                      (     1,279)               -      

FINANCING ACTIVITIES                                                            
Proceeds from sale of common stock               487,004                -       
Loans payable to related parties             (    16,354)                       
Cash (provided) by financing activities          470,650                -       

NET  (DECREASE) IN CASH                          173,641       (    4,810)      

CASH BALANCE BEGINNING OF PERIOD                       -       (   29,483)      

CASH BALANCE END OF PERIOD                   $   173,641     $ (   34,293)      

The accompanying notes are an integral part of these statements                 

ICT TECHNOLOGIES, INC. AND SUBSIDIARIES     
NOTES TO FINANCIAL STATEMENTS     
September 30, 2006    
(UNAUDITED)     

1. Nature of Business, Basis of Presentation and Continuing Operations          

Nature of Business and Basis of Presentation                                    

ICT Technologies, Inc. (the "Company" or "ICT"), is located in                  
Port Chester, New York.  The Company is a distributor for products and          
services in the telecommunications and consumer durables sectors.               
The air conditioners, mobile telephones and motorcycles are being               
manufactured in the Peoples Republic of China (PRC) and South Korea.            
The Company expects to begin generating revenues in all of these                
additional product and service areas during 2006. As of September 30,           
2006, sales in these areas have not yet commenced.                              

Continuing Operations                                                           

During the period required to develop the subscriber base, expand its           
service coverage area and develop additional durable products, the              
Company has required and will continue to require additional operating          
funds.                                                                          

The Company has suffered net losses and negative operating cash flows           
since inception. For the nine months ended September 30, 2006, the Company      
had net losses from operations of $119,838. The Company is in a negative        
working capital position of $5,545,764 at September 30,2006 and is deficient    
in the payment of payroll taxes by several quarters aggregating $448,986,       
representing the net principal amount of the payroll tax liability and          
estimated penalties and interest after installment payments to the U.S.         
Treasury and New York State Dept. of Taxation.                                  

We owe the U.S. Treasury the amount of $352,987, and the New York Dept. of      
Taxation in the amount of $70,159 representing unpaid payroll and               
unemployment taxes as of September 30, 2006. These taxes are subject to the     
collection powers of the governments that had commenced that resulted to        
liens and levies against our  bank accounts. We also  owe The  New York         
Insurance Fund  the amount of $25,840 for our required contribution and         
penalties to Worker's Compensation and Disability  Insurance. Altogether,       
we owe the amount of $448,986 to the goverments and its subdivisions on         
September 30, 2006.                                                             

Funding for its operations has been provided primarily by officer loans         
and through the sale of common stock.  For the period from January 1,           
2002 through September 30, 2006, management has provided additional             
funding to the Company totaling $1,774,722 in the form of loans from            
and bank loans totaling $254,826. The ultimate success of the Company is        
dependent upon management's ability to market and prepaid cellular              
telephones and durable products at levels sufficient to generate operating      
revenues in excess of expenses.  From a financing standpoint, management's      
focus is on securing sufficient additional capital to build its operating,      
sales and marketing, and administrative infrastructure to levels needed         
to generate and support the operations of the Company. Failure to               
successfully raise this additional capital to fund inventory purchases and      
achieve positive cash flows makes the Company's ability to continue as a        
going concern uncertain.                                                        

While management believes that the Company will be successful in raising        
the additional capital and achieving profitable operations, no assurances       
can be given that the Company will be successful in obtaining additional        
capital or that such financing will be on terms favorable or acceptable         
to the Company.                                                                 

The accompanying financial statements have been prepared assuming that          
the Company will continue as a going concern.  The financial statements         
do not include any adjustments that might result from the outcome of            
these uncertainties.  In addition, the financial statements do not include      
any adjustments relating to the recoverability and classification of asset      
carrying amounts or the amount and classification of liabilities that might     
result should the Company be unable to continue as a going concern.             
Management's plans for future operations consist of developing its              
market share for durable goods such as motorcycles, prepaid cell phones,        
plasma TVs and air conditioners. The Company does not maintain retail           
outlets for its products.  Rather, it sells its products and services           
through distributors who, in turn, resell the Company's products and            
services to customers and subscribers through a variety of distribution         
channels, including convenience-type retail stores, wholesalers and, to a       
lesser extent, other distribution channels. Additionally, the Company must      
continue to update its products and services to meet current technology         
standards. The financial statements presented consist of the consolidated       
balance sheet of the Company:  including Europhone USA, Inc., Europhone,        
Inc., Eurospeed, Inc., Europhone USA, LLC, and Eurokool, Inc. at                
September 30, 2006 (unaudited) and December 31, 2005 and the related            
consolidated statements of operations and cash flows for the nine months        
ending September 30, 2006 (unaudited) and 2005. All significant                 
inter-company transactions have been eliminated in consolidation.               

2. Summary of Significant Accounting Policies                                   

Vulnerability Due to Certain Concentrations Financial instruments that          
potentially subject the Company to concentration of credit risk consist         
principally of cash and cash equivalents and accounts receivable. There is      
no revenue during the nine months of 2006, and the company continues its        
efforts in order to secure orders for its products. The Company is subject      
to risks associated with its international operations, including changes in     
exchange rates, difficulty in trade accounts receivable collection and longer   
payment cycles.  Management regularly monitors the creditworthiness of its      
domestic and international customers and believes that it has adequately        
provided for any exposure to potential credit losses.                           

Revenue Recognition                                                             

There is no revenue for the year ended December 31, 2005, and nine months       
ended September 30, 2006.                                                       

Promotional Inventory                                                           

Inventories include air conditioners, cellular telephones and motorcycles       
that are valued at the lower of average cost or market. The Company             
performs periodic assessments to determine the existence of obsolete,           
slow-moving and non-saleable inventories and records necessary provisions       
to reduce such inventories to net realizable value.                             

Sources of Supply                                                               

The Company purchases air conditioners through two primary suppliers            
located in the PRC with agreements secured through our subsidiaries,            
Europhone, Inc. and Eurokool, Inc.  Although the Company believes that          
other suppliers ultimately could provide similar products on similar terms,     
a disruption in the supply from the Company's existing vendors could            
adversely affect the ability of the Company to meet its customers'              
requirements.                                                                   

Property and Equipment                                                          

The property and equipment are stated at cost and consist of computers and      
equipment, computer software, furniture and fixtures, and leasehold             
improvements. These assets are depreciated on a straight-line basis over        
the estimated useful lives of the assets, ranging up to five years.             
Leasehold improvements are amortized over the estimated useful life of the      
assets or the term of the lease, whichever is shorter. Maintenance and          
repairs are expensed as incurred.  Expenditures for major renewals,             
replacements and betterments are capitalized.  When assets are sold or          
otherwise disposed of, the cost and related accumulated depreciation or         
amortization are removed from the respective accounts and any resulting         
gain or loss is recognized. Property and equipment consists of the              
following at September 30, 2006 and December 31, 2005:                          

                            Sep. 30, 2006    December 31, 2005

Furniture and fixtures        $   1,929            $     1,944  

Accumulated depreciation              -              (   1,944) 

Property and equipment, net   $   1,929                      -  

Depreciation expense was $1,944 in December 31, 2005 and $ 0 for the nine       
months ended September 30, 2006.                                                

Impairment of Long-Lived Assets - None                                          

Statement of Financial Accounting Standards (SFAS) No. 121, Accounting for      
the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed    
Of, establishes accounting standards for the impairment of long-lived assets.   
The Company reviews its long-lived assets, including property and equipment     
and intangible assets, for impairment whenever events or circumstances          
indicate that the carrying amount of an asset may not be recoverable.           
If this review indicates that the asset will not be recoverable based on        
the expected undiscounted net cash flows of the related asset, an impairment    
loss is recognized and the asset's carrying value is reduced.                   

Goodwill                                                                        

In June 2001, the FASB issued SFAS No. 142, Goodwill and Other Intangible       
Assets. Under the new rules, goodwill and intangible assets deemed to have      
indefinite lives will no longer be amortized but are subject to impairment      
tests, performed at least annually, in accordance with the Statement.           
Other intangible assets will continue to be amortized over their useful         
lives. The Company has revalued the carrying value of goodwill and has          
written off the total assets in prior quarters.  As of September 30, 2006,      
the Company has no Goodwill in the books.                                       

Use of Estimates                                                                

The preparation of financial statements in conformity with accounting           
principles generally accepted in the United States requires management          
to make estimates and assumptions that affect the reported amounts of assets    
and liabilities and disclosure of contingent assets and liabilities at the      
date of the financial statements and the reported amounts of revenues and       
expenses during the reporting period. Actual results could differ from those    
estimates.                                                                      

Cash and Cash Equivalents - none                                                

Income Taxes                                                                    

The Company accounts for income taxes under the provisions of Statement of      
Financial Accounting Standards No. 109, "Accounting for Income Taxes."          
Accordingly, deferred income tax assets and liabilities are recognized          
for the future income tax consequences attributable to differences between      
the financial statement carrying amounts of existing assets and liabilities     
and their respective income tax bases. The effect on deferred income tax        
assets and liabilities of a change in income tax rates is recognized in the     
income statement in the period of the income tax rate change. Valuation         
allowances are established when it is necessary to reduce deferred income       
tax assets to the amount expected to be realized in future years.               

At September 30, 2006, the deferred income tax asset consisted of:              

Net operating loss carryforward              $ 1,545,306        
Valuation allowance                           (1,545,306)       

Deferred tax asset                           $       -          

Based on management's present assessment, the Company has not yet               
determined it to be more likely than not that a deferred tax asset of           
$1,545,306 attributable to the future utilization of the net operating loss     
carryforward of $3,883,509 will be realized. Accordingly, the Company has       
provided a 100% allowance against the  deferred tax asset in the financial      
statements. The Company will continue to review this valuation allowance        
and make adjustments as appropriate. The net operating loss carryforward        
expires $49,162 in 2020; $55,431 in 2021,$1,115,296 in 2022, $1,734,552 in      
2023, $834,731 in 2024, and $94,337 in 2025.                                    

Current tax laws limit the amount of loss available to be offset against        
future taxable income when a substantial change in ownership occurs.            
Therefore, the amount available to offset future taxable income may be          
limited.                                                                        

Earnings Per Share                                                              

In accordance with the provisions of SFAS No. 128, "Earnings Per Share,"        
basic earnings per share is computed by dividing net income by the number       
of weighted-average common shares outstanding during the year.                  

Product Warranty                                                                

All air conditioner sales are covered by a one-year manufacturer's warranty     
covering product defects.  To date, costs have not been incurred related to     
unit defects.                                                                   

Advertising Costs                                                               

Advertising costs are expensed as incurred. Advertising expenses included       
in selling, general and administrative expenses for the three months ended      
June 30, 2006 were $0.                                                          

Fair Value of Financial Instruments                                             

The values the Company presents for financial assets and liabilities            
approximate the fair market value of these assets and liabilities due to        
their short maturity. The fair value of notes payable approximates carrying     
value at September 30, 2006 and December 31, 2005. Recently Issued Accounting   
Standards In June 2001, the FASB issued SFAS No. 143, Accounting for            
Retirement Obligations. SFAS 143 establishes accounting standards for the       
recognition and measurement of an asset retirement obligation and its           
associated asset retirement cost. It also provides accounting guidance for      
legal obligations associated with the retirement of tangible long-lived         
assets.  The Company was required to adopt SFAS 143 on August 1, 2002 and       
expects that the provisions will not have a material impact on its              
consolidated financial statements.                                              

In April 2002, the FASB issued SFAS No. 145, Rescission of FASB Statements      
No. 4, 44 and 64, Amendment of FASB Statement No. 13, and Technical             
Corrections. SFAS 145 updates, clarifies and simplifies existing accounting     
pronouncements. SFAS 145 rescinds Statement No. 4, which required all gains     
and losses from extinguishment of debt to be aggregated and, if material,       
classified as an extraordinary item, net of related income tax effect.  As      
a result, the criteria in APB Opinion No. 30, Reporting the Results of          
Operations, Reporting the Effects of Disposal of a Segment of a Business,       
and Extraordinary, Unusual and Infrequently Occurring Events and                
Transactions, will now be used to classify those gains and losses because       
Statement No. 4 has been rescinded.  Statement No. 44 was issued to             
establish accounting requirements for the effects of transition to              
provisions of the Motor Carrier Act of 1980.  Because the transition            
has been completed, Statement No. 44 is no longer necessary. SFAS 145 amends    
Statement No. 13 to require that certain lease modifications that have          
economic effects similar to sale-leaseback transactions be accounted for in     
the same manner as sale-leaseback transactions.  This amendment is consistent   
with the FASB's goal of requiring similar accounting treatment for              
transactions that have similar economic effects. SFAS 145 also makes            
technical corrections to existing pronouncements. While those corrections are   
not substantive in nature, in some instances, they may change accounting        
practice. ICT is required to adopt SFAS 145, effective for Fiscal 2003.         
Upon adoption, any gain or loss on extinguishment of debt previously            
classified as an extraordinary item in prior periods presented that does not    
meet the criteria of APB Opinion No. 30, will be reclassified to conform with   
the provisions of SFAS 145. The Company does not expect the adoption of SFAS    
145 will have a material impact on its consolidated financial statements.       
In June 2002, the FASB issued SFAS No. 146, Accounting for Costs Associated     
with Exit or Disposal Activities.  SFAS 146 requires companies to recognize     
costs associated with exit or disposal activities when they are incurred        
rather than at the date of a commitment to an exit or disposal plan.            
Previous accounting guidance was provided by Emerging Issues Task Force         
(EITF) Issue No. 94-3, Liability Recognition for Certain Employee               
Termination Benefits and Other Costs to Exit an Activity (including Certain     
Costs Incurred in a Restructuring) (EITF 94-3).  SFAS 146 replaces EITF 94-3.   
The Statement is to be applied prospectively to exit or disposal activities     
initiated after December 31, 2002. The Company does not expect the adoption     
of SFAS 146 will have a material impact on its consolidated financial           
statements.                                                                     

Litigations                                                                     

Virtual Resources, LLC and Dennis C. Hayes filed a lawsuit against ICT          
Technologies, Inc., Messrs. Vasilios Koutsobinas, CEO and Andrew                
Eracleous, CFO with the Supreme Court of the State of New York, County          
of New York on June 13, 2006 that alleges, among other things, breach           
of contract under Management Consulting Services; non-payment of                
consulting fees of $7,000 and compensatory damages of $62,000; various          
stock options equivalent to $192,000 plus compensatory damages in the sum       
of $130,500 due devaluation of the 90,000 shares  of ICTT stock to which        
Plaintiff is entitled, and exemplary and punitive damages of $5,000,000.        

The original consulting services contract was executed between Plaintiff        
and Joshua Shainberg, President and CEO  dated December 9, 2004, who the        
latter mis-represented himself as CEO. Records and minutes of meeting           
disclosed no approval by the  Board of Directors to  authorize Joshua           
Shainberg as President and CEO to negotiate contract in behalf of the           
company. The management believes that the lawsuit has no merit and will         
therefore vigorously defend itself against the lawsuit.                         

Crossroad Management, LLC filed a suit against our subsidiary, Europhone        
USA, Inc. in the  Municipal Court of Elmsford,  New York for unpaid rent,       
interest and real estate tax escalations in 2004 in the amount of $56,347       
which amount is included in the  accounts payable and accrued expenses in       
the consolidated balance sheet as of December 31, 2005. ICT is responsible      
for the liability of its subsidiary company.  The Company has not entered       
into any settlement agreement in 2005 due to unavailability of funds.           

There are no other material legal proceedings pending or,to its knowledge,      
threatened against ICT Technologies.                                            

4. Stockholder's Equity                                                         

Common Stock                                                                    

We sold 9,290,000 shares of common stock between July and September 2006.       
Additional 483,000 shares were subscribed that we expect payment in             
October and November 2006.                                                      

5. Bank Line of Credit                                                          

On May 31, 2001, Europhone USA, Inc. received a revolving line of credit        
providing a line of credit from the Ponce De Leon Federal Bank and is           
payable in monthly installment payments of $4,980 including interest at 9%.     
At June 30, 2006, the balance due was $254,826.  The line of credit has the     
personal guarantee of Mr. Koutsobinas.                                          

6. Leases                                                                       

The Company subleases 4,000 sq feet of office space from Olympic Telecom Inc.   
at 181 Westchester Avenue, Port Chester, NY.  The lease started on              
February 1, 2005 at the annual rent of $28,200 escalating 3% each year and      
expires on January 31, 2009. The lease was amended for additional space that    
that provides for monthly rents ranging from $ 3,360 to $3,886.                 

7. Income Taxes                                                                 

A deferred income tax asset is established for the complete amount of           
income tax benefits available in future periods from the assumed realization    
of tax net operating loss carryforwards.  In addition, a deferred income tax    
asset or liability is established for the complete amount of income tax         
benefits or liabilities from the effect of temporary differences.               

Future sales of common stock by the Company or its principal stockholders, or   
changes in the composition of its principal stockholders, could constitute a    
"change of control" that would result in annual limitations on the Company's    
use of its NOLs and unused tax credits. Management cannot predict whether       
such a "change in control" will occur. If such a "change in control" were to    
occur, the resulting annual limitations on the use of NOLs and tax credits      
would depend on the value of the equity of the Company and the amount of        
"built-in-gain" or "built-in-loss" in the Company's assets at the time of the   
"change in control," which cannot be known at this time.                        

8. Payroll Tax Liability                                                        

As of September 30, 2006, the Company has incurred net payroll tax, penalty,    
and interest charges totaling $448,986.  Management has made arrangements for   
installment agreements with the appropriate taxing authorities.                 

9. Related Party Transactions                                                   

As of September 30, 2006 the Company is obligated to repay monies advanced by   
officers and directors of the company aggregating $1,774,722 payable without    
interest on demand.                                                             

10. Supply Agreements                                                           

The Company, through its subsidiaries has entered into various marketing        
agreements for the purchase of air conditioners, cellular telephones and motor  
scooters with various companies in the PRC.  The terms of the agreements grant  
rights to market these products in the North American Continent and certain     
European countries.                                                             

The terms of these agreements run essentially to March 31, 2007 and have        
minimum order requirements with agreed increases on an annual basis.  As of     
September 30, 2006, the Company has not met the minimum order requirements under
these agreements because of delays in obtaining approvals by various agencies   
in the United States. The Company through its subsidiaries has acquired the     
right to use such trade names as Eurospeed and Eurokool. The Company had        
previously received a purchase order and letter of credit to design, and then   
sell, mobile telephones to Audiovox ("ACC").  This letter of credit and         
purchase order expired and the Company has no assurance that any business will  
be transacted with ACC.                                                         

11. Business Segment Information                                                

The Company has identified two reportable business segments: air conditioners   
and long distance telecommunications services.  The retail telecommunications   
services business segment includes consumer long distance services to           
individuals and businesses. The Company evaluates the performance of its        
business segments based primarily on operating income (loss) after              
depreciation, amortization and impairment charges, but prior to interest        
income (expense), other income (expense), income taxes, extraordinary items     
and cumulative effect of accounting changes.  All corporate overhead is         
allocated to the business segments based on time and usage studies, except for  
certain specific corporate costs, such as treasury management and               
investment-related costs, which are not allocated to the business segments.     

The condensed consolidated financial statements included herein have been       
prepared by the Company, without audit, pursuant to the rules and regulations   
of the Securities and Exchange Commission.  Certain information and footnote    
disclosures normally included in financial statements prepared in accordance    
with generally accepted accounting principles have been condensed or omitted    
pursuant to such rules and regulations, although the Company believes that      
the disclosures are adequate to make the information presented non-misleading.  
In the opinion of the Company, all adjustments, consisting of only normal       
recurring adjustments, necessary to present fairly the financial position       
of the Company as of September 30, 2006, and the results of its operations and  
changes in its financial position from January 1, 2006 through September 30,    
2006 have been made. The results of its operations for such interim period are  
not necessarily indicative of the results to be expected for the entire year    
The consolidated financial statements and notes included in the Company's       
annual report on Form 10-KSB for the year ended December 31, 2005.              

ITEM 2 - Management s Discussion and Analysis of Financial Condition and        
Results of Operations                                                           

Unless the context otherwise requires, (i) all references to "ICT               
Technologies" or the "Company" include ICT Technologies, Inc. and its           
wholly owned subsidiaries; Europhone USA, Inc. ("Europhone USA"), Europhone,    
Inc., Europhone USA LLC, Eurokool Inc., and Eurospeed Inc.                      

Overview                                                                        

ICT Technologies is a distribution company for products and services in the     
telecommunications and consumer durables sectors.  ICT Technologies has         
established distribution relationships for the following products and           
services: air conditioners; motorcycles and mobile telephones. We have          
organized our distribution business into three segments: telecommunications,    
air conditioners, and motorcycles.  Our telecommunications business includes    
cellular telephones and long distance telephone service.                        

We have entered into an agreement to distribute mobile telephones that are      
manufactured by Ningbo Bird Corporation, Ltd. ("Ningbo") of the PRC and         
Uroatech, Inc. of South Korea. Pursuant to this agreement with Ningbo, which    
will come into effect upon the first shipment of mobile telephones to us, we    
have the exclusive right to distribute specified models of mobile phones        
outside the PRC through June 1, 2007.  We have agreed to purchase a minimum     
of 500,000 mobile phones per year (or 40,000 per month) during the term of      
the agreement. If we purchase less than 400,000 mobile telephones each year     
(or 30,000 per month), the agreement terminates automatically.  However, ICT    
Technologies has received verbal assurance from Ningbo that the minimum         
purchase requirements will not be enforced for past periods.  The purchase      
price of the mobile telephones will be adjusted each quarter by agreement of    
the parties, based upon market conditions. As of June 30, 2006, we have         
received samples of the cellular telephones that we plan to sell and have not   
derived any revenue. On October 20, 2003, we entered into agreement with Uroa   
Tech, Inc. through our subsidiary Europhone USA, Inc. (Europhone USA) which     
will come into effect upon the first shipment of mobile telephones to us and    
expire two years from this date. The terms of the agreement will be renewed     
automatically on a yearly basis up to three years total length of time.         

We have also entered into agreements for the distribution of air conditioners   
manufactured by two major suppliers in the PRC:  Guangdong Chigo Air            
Conditioning, Co. Ltd. ("Chigo") and Guangdong Richvast Company, Limited        
("Richvast"). Our distribution agreement with Chigo covers the period through   
January 31, 2007. We are the sole agent for the distribution of Chigo products  
bearing the "Chigo" and "Eurokool" brand names in North, South and Central      
America, and parts of Europe, except that distribution is only permitted under  
the "Eurokool" brand name in countries or regions where sales of "Chigo"        
branded products have already taken place. We are obligated to purchase a       
minimum of 200,000 and 80,000 air conditioners from Chigo and Richvast          
respectively, in the year ending December 31, 2004. However, ICT Technologies   
has received verbal assurance from Chigo and Richvast that the minimum purchase 
requirements will not be enforced for past periods. With regard to the Chigo    
agreement, we must increase our unit purchases by 50% in each contract year     
after the first for the duration of the contract.                               

We have also entered into an agreement with Giantco, Limited of Hong Kong,      
PRC ("Giantco") for the worldwide distribution through March 1, 2007 of         
motorcycles manufactured by Giantco and bearing the "Eurospeed" brand.          
We are obligated under the agreement to purchase at least 30,000 Giantco        
motorcycles per year and at least 2,000 Giantco Motorcycles per month.          
However, ICT Technologies has received verbal assurance from Giantco that       
the minimum purchase requirements will not be enforced for past periods.        
The price for the motorcycles will be negotiated by the parties in connection   
with each purchase order. As of September 30, 2006, we have not generated any   
revenue and have promotional inventory of these motorcycles.                    

Manufacturing and Distribution Agreement                                        

Pursuant to an agreement  effective October 18, 2006 between a Chinese          
corporation (the "DEM Manufacturer"), a New Jersey corporation (the "Worldwide  
Importer and Distributor"), and Eurospeed (the  USA  Distributor), Eurospeed    
was appointed  exclusive distributor in North America of motorcyles and other   
transportation vehicles manufactured and sold by the  Manufacturer and the      
Importer under trade names "EuroSpeed" and  EuroStrada." The term of the        
agreement is five years from October 18, 2006 to October 17, 2011. The          
agreement is automatically renewed for an additional five years to October 17,  
2016 unless either  party gives 90 days prior written notice at the end of      
any two year period. If Eurospeed purchases less than the minimum purchase      
quantities (25,000 units in year 1), 30,000 units in year 2, and an amount to   
be determined in year 3), Manufacturer and Importer have the right to terminate 
the agreement.                                                                  

Exclusive Distribution Agreement                                                

We signed a wrap-around agreement dated May 19, 2006 whereby we appointed       
Eurospeed USA, Inc., a Connecticut corporation ("Distributor") as an            
Exclusive Distributor in North America and Israel of motorcycles and other      
transportation vehicles under the trade names "EuroSpeed" and "EuroStrada"      
based from foregoing manufacturing agreement. The term of the agreement is five 
years from May 19, 2006 to May 18, 2011. The agreement is automatically renewed 
for an additional five years to May 18, 2016 unless either party gives 90 days  
prior written  notice of election to terminate the agreement.  If the           
Distributor purchases less than the minimum purchase quantities (25,000 vehicles
in the first 18 months, 30,000 vehicles in the second year, and 50,000 vehicles 
in the third), Eurospeed has the right to terminate the agreement.              

We authorized the Distributor the use of "Eurospeed" name and trademark.  Its   
President and Chief Operating Officer is Michael P. Healey, whose family has    
been in the automotive dealership business in Ansonia, Connecticut for 57 years.
He has served for over 20 years on Ford Motor Company's Dealer Advertising Board
for the New York Region as well as being elected to serve for five years on Ford
National Dealer Council.                                                        

Subsequent Events                                                               

(a)  Sales of common stock - From July 2006 to September 2006, ICTT sold a total
        of 9,773,000 restricted shares of ICTT common stock to 14 investors at a
 price of $0.05 per share and received gross proceeds of $488,650.

(b)  Standby  Letter  of  Credit  -  On November 2, 2006, Eurospeed received a  
      $250,000 irrevocable standby letter of credit from a bank.  The letter
   of credit expires on November 2, 2007 and is expected to be used by
       Eurospeed to finance the purchase of motorcycles and other transportation
vehicles.                                                       

(c)  Purchase order - We received a purchase order from Distributor of 1,100    
      motorcycles in the amount $1,440,000. The DEM Manufacturer had already
  shipped the motorcycles to our New Jersey warehouse, and are being
      prepared and labeled for shipments to the Distributor's dealers across
the United States.                                              

(d)  Motorcyles sales to Europe - In August 2006, we remitted $17,895 to Yamati 
       Manufacturing in China as a deposit for 332 motorcycles for delivery to a
      customer in Greece.  We were informed that six 40 feet containers were
loaded onboard MSC Beijing under onboard bill of lading number  
       WBL06EURO192 enroute to Piraeus, Greece. Subsequently, we will generate a
   sales invoice for approximately $161,000 upon receipt of the buyer.

We have continued to finance our activities through the resources of Management 
and have devoted the majority of our efforts to initiating the Company's market 
plans for telecommunications products, air conditioners and motorcycles,        
developing sources of supply, developing and testing marketing strategy, and    
expanding the management team to further marketing research and development for 
the Company's products.                                                         

We have also funded our operations and growth through loans payable to related  
parties aggregating to $1,822,341 as of June 30, 2006. The Company has not yet  
generated sufficient revenues during its limited operating period of            
reorganization to fund its ongoing operating expenses, or to fund its marketing 
plans and product development activities. There can be no assurance that        
development of the marketing plans will be completed and fully tested in a      
timely manner, and within the budget constraints of management. Also, there can 
be no assurance that the Company's marketing research will provide a profitable 
path to utilize the Company's marketing plans.  Further investments into market 
design, implementation, and development, as defined in the Company's operating  
plan, will significantly reduce the cost of development, preparation, and       
processing of purchases and orders, enabling the Company to effectively compete 
in the marketplace.                                                             

Critical Accounting Policies and Estimates                                      

Revenue from our long distance services business is generated, on a commission  
basis, for service provided by a single carrier.  Revenue from the sale of      
durable goods is recognized when products are shipped. Consistent with          
Statement of Financial Accounting Standards ("SFAS") No. 142, "Goodwill and     
Other Intangible Assets, "goodwill is no longer amortized, but instead tested   
at least annually for impairment.  Prior to 2002, goodwill was amortized using  
the straight-line method over its estimated period of benefit of 15 years.      
Consistent with SFAS No. 144, "Accounting for the Impairment or Disposal of     
Long-Lived Assets," we evaluate long-lived assets for impairment and assess     
their recoverability based upon anticipated future cash flows.  If facts and    
circumstances lead us to believe that the cost of one of our assets may be      
impaired, we will write down that carrying amount to fair value to the extent   
necessary. We have not recorded any impairment of long-lived assets since       
adopting SFAS No. 144.                                                          

Business Activities                                                             

We have organized our distribution business into three segments:                
telecommunications, air conditioners, and motorcycles.  Our telecommunications  
business includes cellular telephones.                                          

Telecommunications Segment                                                      

We have an agreement to distribute mobile telephones that are manufactured by   
Ningbo Bird Corporation, Ltd. of the Peoples Republic of China ("PRC").         
As of September 30, 2006, we have received samples of the mobile telephones that
we plan to sell and have not derived any revenue from the sale of mobile        
telephones.                                                                     

Air Conditioners Segment                                                        

We also have agreements for the distribution of air conditioners manufactured   
by two major suppliers in the PRC:  Guangdong Chigo Air Conditioning Company,   
Limited ("Chigo") and Guangdong Richvast Company, Limited ("Richvast").         
Our distribution agreement with Chigo covers the period through January 31,     
2007.  We are the sole agent for the distribution of Chigo products bearing     
the "Chigo" and "Eurokool" brand names in North, South and Central America,     
and parts of Europe, except that distribution is permitted only under the       
"Eurokool" brand name in countries or regions where sales of "Chigo" branded    
products have already taken place.  ICT Technologies distribution agreement     
with Richvast covers the period through August 2007. Pursuant to this           
agreement, ICT Technologies is entitled to distribute Richvast products         
worldwide. ICT Technologies has an exclusive right to distribute specific       
models of air conditioners in Europe, manufactured by Richvast, bearing the     
"Eurokool" brand name.                                                          

Motorcycles Segment                                                             

We have an agreement with Giantco, Limited of Hong Kong, PRC ("Giantco") for    
the worldwide distribution through March 1, 2007 of motorcycles manufactured    
by Giantco and bearing the "Eurospeed" brand.  As of September 30, 2006, we     
have not generated any revenue and have samples of these motorcycles in         
inventory.                                                                      

The Company's distribution agreements for durable goods (including mobile       
telephones) include requirements that ICT Technologies order minimum            
quantities of products. These minimum order requirements have not been          
satisfied to date, and although the relevant suppliers have agreed verbally     
not to enforce such requirements based on past order shortfalls (in some        
cases, in recognition of the fact that regulatory approvals have not been       
obtained), there is no assurance that these suppliers will not seek to          
enforce the minimum purchase requirements in the future.  These minimum         
quantities are substantial, and ICT Technologies does not currently have the    
financial resources to satisfy the minimum ordering requirements to which       
ICT Technologies is subject.  Moreover, ICT Technologies' distribution          
agreements generally do not establish any price at which the goods to be        
supplied thereunder are to be purchased, and the Company must negotiate         
prices for each shipment of goods it orders.                                    

Results of Operations for the three months ended  September 30, 2006, as        
compared to the three months ended September 30, 2005.                          

ICT TECHNOLOGIES, INC. AND SUBSIDIARIES           
CONSOLIDATED STATEMENTS OF OPERATIONS           

                                 For the 3 months     For the 3 months
                                 ended Sep. 30, 2006 ended Sep. 30, 2005
                                     (Unaudited)         (Unaudited)

Revenue:                                                                        
Commissions & other                        $           -       $          -     

     Total revenue                                -                  -

Cost and expenses:                                                              
Cost of sales                                                                   
Selling, general and administrative               57,922          (  14,631)    
Depreciation                                           -                  -     

Total costs and expenses                          57,922          (  14,631)    

Net income(loss) from operations               (  57,922)            14,631     

Interest expense                                  11,833                  -     

Net income (loss)                              (  69,755)            14,631     

Basic earnings (loss) per common share      $       (.00)       $       .00     

Weighted average shares outstanding, basic    96,427,384         86,654,384     

The accompanying notes are an integral part of these statements.                

For the three months ended September 30, 2006 and three months ended            
September 30, 2005 the Company has no revenue. The Company's selling, general   
and administrative expenses for the three months ended September 30, 2005 was   
$(14,631) as compared to $57,922 for the three months ended September 30,       
2006 representing an increase of $72,553. The net aggregate of $ 14,631         
reduction of general and administrative costs in 2005 consist of excess accrual 
of salaries and wages and adjustment of payroll taxes.  The aggregate amount    
of $57,922 of general and administrative expenses for three months ended        
September 30, 2006 consists of the following: accounting fee of $ 10,000; legal 
fees of $ 11,600; rent of $ 11,485; travel and entertainment of $8,732;         
telephone of $997; website maintenance of $1,550; contribution of $1,100;       
TVs and cellular telephone samples of $4,630; stock transfer fees of $ 5,052;   
dues & subscription of $ 1,917; office expense of $759 and bank charges of      
$100.                                                                           

We expect to experience an increase in revenues from the sales of our other     
products such as motorcycles.  We believe that shipments of products will take  
place during the fourth quarter of 2006 and that cash will be generated to fund 
subsequent shipments.  It will be necessary for the Company to obtain additional
financing arrangements, and in certain cases to obtain additional regulatory    
approvals, to expand its distribution activities.                               

Until positive cash flow can be generated, ICT Technologies will have to raise  
additional capital to meet its routine operating expenses.  There is no         
assurance that such financing will be available to ICT Technologies on terms    
satisfactory to it or on any terms at all.  Mr. Koutsobinas has no obligation   
to make any further investment in ICT Technologies.  If ICT Technologies raises 
additional capital at this time through the issuance of additional equity,      
the current shareholders of ICT Technologies may experience substantial         
dilution.                                                                       

Control and Procedures                                                          

As of a date within 90 days before the filing date of this quarterly report,    
an evaluation was performed under the supervision of Vasilios Koutsobinas,      
the Company's chief executive officer, and Andrew Eracleous, the Company's      
chief financial officer, of the effectiveness of the design and operation       
of the Company's disclosure controls and procedures.  Messrs. Koutsobinas and   
Eracleous recognized that any controls and procedures, no matter how well       
designed and operated, can provide only reasonable assurances of achieving the  
desired control objectives and they necessarily were required to exercise their 
judgment in evaluating the cost-benefit relationship of possible controls and   
procedures.                                                                     

Disclosure controls and procedures that are designed to ensure that information 
required to be disclosed by us in the reports that we file or submit under      
the Exchange Act is recorded, processed, summarized and reported, within the    
time periods specified in the Securities and Exchange Commission's rules and    
forms.                                                                          

Disclosure controls and procedures include, without limitation, controls and    
procedures designed to ensure that information required to be disclosed by us   
in the reports that we file under the Exchange Act is accumulated and           
communicated to our management, including our principal executive officers and  
principal financial officer, as appropriate to allow timely decisions           
regarding required disclosure.                                                  

PART II - OTHER INFORMATION                                                     

Item 1.  Legal Proceeding                                                       

On June 13, 2006, a legal action was commenced against ICTT and  certain of its 
officers by an alleged former consultant to the Company. The complaint alleges  
non-payment of consulting fees and seeks compensatory damages of $192,500 and   
exemplary and punitive  damages of $5,000,000. The company believes that the    
action has no merit and that the outcome will not have a material adverse       
effect on the Company's financial position, results of operations, or cash      
flows.                                                                          

Item 2.  Changes in Securities                                                  

None                                                                            

Item 3.  Defaults upon Senior Securities                                        

None                                                                            

Item 4.  Submission of Matters to a Vote of Security-Holders                    

None                                                                            

Item 5.  Other information                                                      

None                                                                            

ITEM 6.  Exhibits and Reports on Form 8-K                                       

(a) Exhibits                                                                    

99.1 Chief Executive Officers Certification of Financial Statements Pursuant    
to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the            
Sarbanes-Oxley Act of 2002.                                                     

99.2 Chief Financial Officers Certification of Financial Statements             
Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the   
Sarbanes-Oxley Act of 2002 (b) Reports on Form 8-K.                             

SIGNATURES                                                                      

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

Date:  November 14, 2006                                                        

ICT Technologies, Inc.                                                          
                          /s/ Vasilios Koutsobinas
                              Vasilios Koutsobinas
                                 Chief Executive Officer

                    /s/ Andrew Eracleous
                        Andrew Eracleous
                               Chief Financial Officer

CERTIFICATIONS                                                                  

I, Vasilios Koutsobinas, certify that:                                          

1. I have reviewed this quarterly report on Form 10-QSB of ICT                  
Technologies, Inc.;                                                             

2.Based on my knowledge, this quarterly report does not contain any untrue      
statement of a material fact or omit to state a material fact necessary to      
make the statements made, in light of the circumstances under which such        
statements were made, not misleading with respect to the period covered by      
this quarterly report;                                                          

3.Based on my knowledge, the financial statements, and other financial          
information included in this quarterly report, fairly present in all material   
respects the financial condition, results of operations and cash flows of the   
registrant as of, and for, the periods presented in this quarterly report;      

4.The registrant's other certifying officers and I are responsible for          
establishing and maintaining disclosure controls and procedures (as defined     
in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:           

a) Designed such disclosure controls and procedures to ensure that material     
information relating to the registrant, including its consolidated              
subsidiaries, is made known to us by others within those entities,              
particularly during the period in which this quarterly report is being          
prepared;                                                                       

b) Evaluated the effectiveness of the registrant's disclosure controls and      
procedures as of a date within 90 days prior to the filing date of this         
quarterly report (the "Evaluation Date"); and                                   

c) Presented in this quarterly report our conclusions about the                 
effectiveness of the disclosure controls and procedures based on our            
evaluation as of the Evaluation Date;                                           

5.The registrant's other certifying officers and I have disclosed, based        
on our most recent evaluation, to the registrant's auditors and the audit       
committee of registrant's board of directors (or persons performing the         
equivalent functions):                                                          

a) All significant deficiencies in the design or operation of internal          
controls which could adversely affect the registrant's ability to record,       
process, summarize and report financial data and have identified for the        
registrant's auditors any material weaknesses in internal controls; and         
b) Any fraud, whether or not material, that involves management or other        
employees who have a significant role in the registrant's internal controls;    
6. The registrant's other certifying officers and I have indicated in this      
quarterly report whether or not there were significant changes in internal      
controls or in other factors that could significantly affect internal           
controls subsequent to the date of our most recent evaluation, including        
any corrective actions with regard to significant deficiencies and material     
weaknesses.                                                                     

      /s/ Vasilios Koutsobinas
          Vasilios Koutsobinas
             Chief Executive Officer
November 14, 2006                                                               

I, Andrew Eracleous, certify that:                                              

1. I have reviewed this quarterly report on Form 10-QSB of ICT                  
Technologies, Inc.;                                                             

2. Based on my knowledge, this quarterly report does not contain any untrue     
statement of a material fact or omit to state a material fact necessary to      
make the statements made, in light of the circumstances under which such        
statements were made, not misleading with respect to the period covered by      
this quarterly report;                                                          

3.Based on my knowledge, the financial statements, and other financial          
information included in this quarterly report, fairly present in all material   
respects the financial condition, results of operations and cash flows of the   
registrant as of, and for, the periods presented in this quarterly report;      

4.The registrant's other certifying officers and I are responsible for          
establishing and maintaining disclosure controls and procedures (as defined     
in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:           

a) Designed such disclosure controls and procedures to ensure that material     
information relating to the registrant, including its consolidated              
subsidiaries, is made known to us by others within those entities,              
particularly during the period in which this quarterly report is being          
prepared;                                                                       

b) Evaluated the effectiveness of the registrant's disclosure controls and      
procedures as of a date within 90 days prior to the filing date of this         
quarterly report (the "Evaluation Date"); and                                   

c) Presented in this quarterly report our conclusions about the                 
effectiveness of the disclosure controls and procedures based on our            
evaluation as of the Evaluation Date;                                           

5.The registrant's other certifying officers and I have disclosed,              
based on our most recent evaluation, to the registrant's auditors and           
the audit committee of registrant's board of directors (or persons              
performing the equivalent functions):                                           

a) All significant deficiencies in the design or operation of internal          
controls which could adversely affect the registrant's ability to record,       
process, summarize and report financial data and have identified for the        
registrant's auditors any material weaknesses in internal controls; and,        

b) Any fraud, whether or not material, that involves management or other        
employees who have a significant role in the registrant's internal controls;    

6. The registrant's other certifying officers and I have indicated in this      
quarterly report whether or not there were significant changes in internal      
controls or in other factors that could significantly affect internal           
controls subsequent to the date of our most recent evaluation, including        
any corrective actions with regard to significant deficiencies and material     
weaknesses.                                                                     

      /s/ Andrew Eracleous
          Andrew Eracleous
                 Chief Financial Officer
November 14, 2006                                                               

Exhibit 99.1                                                                    

CERTIFICATION PURSUANT TO                                                       
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE               
SARBANES-OXLEY ACT OF 2002                                                      

In connection with the Quarterly Report of ICT Technologies, Inc.               
(the Company) on Form 10-QSB for the period ending September 30, 2006 as        
filed with the Securities and Exchange Commission on the date hereof            
(the Report), I, Vasilios Koutsobinas, Chief Executive Officer of the           
Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant       
to Section 906 of the Sarbanes-Oxley Act of 2002 and to the best of my          
knowledge and belief, that:                                                     

(1) The Report fully complies with the requirements of section                  
13 (a) or 15 (d) of the Securities Exchange Act of 1934 (16 U.S.C. 78m or       
78o(d)); and                                                                    

(2) The information contained in the Report fairly presents, in all material    
respects, the financial condition and results of operations of the Company.     

        /s/ Vasilios Koutsobinas
            Vasilios Koutsobinas
               Chief Executive Officer
November 14, 2006                                                               

Exhibit 99.2                                                                    
CERTIFICATION PURSUANT TO                                                       
18 U.S.C. SECTION 1350,                                                         
AS ADOPTED PURSUANT TO                                                          
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002                                   

In connection with the Quarterly Report of ICT Technologies, Inc.               
(the Company) on Form 10-QSB for the period ending September 30, 2006 as        
filed with the Securities and Exchange Commission on the date hereof            
(the Report), I, Andrew Eracleous, Chief Financial Officer of the Company,      
certify, pursuant to 18 U.S.C.                                                  
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act      
of 2002 and to the best of my knowledge and belief, that:                       

(1) The Report fully complies with the requirements of section 13 (a)           
or 15 (d) of the Securities Exchange Act of 1934 (16 U.S.C. 78m or 78o(d));     
and                                                                             

(2) The information contained in the Report fairly presents, in all material    
respects, the financial condition and results of operations of the Company.     

  /s/ Andrew Eracleous
      Andrew Eracleous
             Chief Financial Officer
November 14, 2006                                                               

Dates Referenced Herein   and   Documents Incorporated By Reference

This 10QSB Filing		Date		Other Filings
		5/31/01		10QSB
		1/1/02
		8/1/02
		12/31/02		10KSB, 5/A, 5, NT 10-K, 10KSB/A
		10/20/03
		12/9/04
		12/31/04		NT 10-K, 5, 10KSB
		2/1/05
		9/30/05		10QSB
		12/31/05		10KSB
		1/1/06
		5/19/06
		6/13/06
		6/30/06		10QSB
For The Period Ended		9/30/06
		10/18/06
		11/2/06
Filed On / Filed As Of		11/13/06		10KSB, 10QSB
		11/14/06
		1/31/07
		3/1/07
		3/31/07
		6/1/07
		11/2/07
		1/31/09
		5/18/11
		10/17/11
		5/18/16
		10/17/16
Top				List All Filings