COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2012
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 16 - COMMITMENTS AND CONTINGENCIES The Company entered into a Consulting and Services Agreement ("CSA") with Idaho State University ("ISU"). The CSA establishes a framework under which ISU, through the Idaho Accelerator Center ("IAC"), could assemble a THOR demonstration unit in Pocatello, Idaho as well as provide consulting services. In order to begin that project, the CSA requires the Company to propose a series of work orders setting forth work tasks, deliverables, due dates, IAC's compensation and other commercial terms. On July 15, 2011, the first accepted work order was transmitted to the Company by ISU. Costs related to the first work order have been expensed. No additional work orders have been executed. The Company is involved in litigation and disputes arising in the ordinary course of business. While the ultimate outcome of these matters is not presently determinable, it is the opinion of management that the resolution of outstanding claims will not have a material adverse effect on the financial position or results of operations of the Company. William A. Rothstein vs. Valley Forge Composite Technologies, Inc., a Florida corporation, and Louis J. Brothers The Company and its president and director, Louis J. Brothers, have been named as defendants in a civil complaint filed in Utah by shareholder William A. Rothstein and eleven additional plaintiffs. The complaint alleges a variety of claims. Mr. Brothers and the Company filed an answer to the complaint denying all claims. The Company cannot provide any assurances on the outcome of the matter. Coast To Coast Equity Group, Inc. vs. Valley Forge Composite Technologies, Inc., a Florida corporation, and Lou Brothers. The Company and its president and director, Louis J. Brothers, have been served with a civil complaint naming both of them as defendants. The complaint was filed in Florida, by shareholder, Coast To Coast Equity Group, Inc. ("CTCEG"). The complaint alleges a variety of claims and seeks damages and attorney's fees. As it pertains to non-contract claims, the complaint alleges that Mr. Brothers misrepresented the distribution rights that the Company had to its ODIN product and misused plaintiff's proceeds which were to be allocated towards the purchase of an ODIN unit. The Complaint also contains a claim for breach of the 2006 Warrant Agreement in that the Company failed to issue stock for warrants which the Company contends expired in May, 2009. A claim for non-dilution damages is also included. The Company and Mr. Brothers deny all allegations and have filed an Answer and Affirmative Defenses; raising numerous defenses to the claims. They also intend to file applicable counterclaims and possible third party claims, but they cannot provide assurances as to the outcome of the matter. The matter is scheduled for trial during the trial period beginning March 11, 2013. George Frudakis vs. Valley Forge Composite Technologies, Inc., a Florida corporation, and Lou Brothers. George Frudakis commenced the above titled action against the Company and Lou Brothers. The Complaint generally sets forth the same causes of action as in the Coast to Coast Equity Group, Inc. vs. Valley Forge Composite Technologies, Inc. and Lou Brothers, described above. The Company and Brothers deny all allegations and have filed a motion to dismiss the complaint and a motion to consolidate the Frudakis and Coast to Coast cases into a single proceeding. The Court has granted a motion to consolidate the cases for discovery purposes and has reserved as to consolidation for trial. The Company and Lou Brothers intend to file appropriate Affirmative Defenses and Counterclaims, and possible third-party claims, in the event the Court denies the Motion to Dismiss. However, the Company cannot provide assurances as to the outcome of the matter. Arbitration Claim filed by Advanced Technology Development, Inc. During 2010, the Company, Louis J. Brothers and Larry K. Wilhide received a Statement of Claims ("Statement") filed with the American Arbitration Association by Advanced Technology Development, Inc. ("ATD"). The arbitration proceeding was heard during 2011. On July 31, 2011 and November 2, 2011, the Arbitrator issued Interim Awards. On December 30, 2011, the Arbitrator issued a Final Award in a total amount aggregating to $316,896. This amount is included in accrued expenses at December 31, 2011. In 2012, ATD has received payment in full and the matter has concluded. Demand for action letter and settlement offer On April 24, 2011, Valley Forge Composite Technologies, Inc. (the "Company") and its Board of Directors (the "Board") received a letter entitled "Demand for Action" wherein an attorney representing a class of shareholders alleges facts to support the following claims: "Fraudulent Misrepresentation and Concealments in Violation of §10(b) of the Securities Exchange Act of 1934 and S.E.C. Rule 10b-5," "Selective Disclosure of, and Failure to Disclose, Material Information, In Violation of Regulation FD"; and "Breaches of Fiduciary Duty". On March 8, 2012 the attorney representing the "class of shareholders" transmitted by email a Settlement Agreement and Mutual General Release ("Settlement Agreement"). The "class of shareholders" is defined in the Settlement Agreement as the "Levine Parties" and consists of Mr. Evan Levine, his wife and children, his parents and Mark Capital LLC. On May 3, 2012, the Company received a "Final Settlement Overture" from the attorney who sent the original demand letter and the Levine Parties and the Company (collectively, the "Parties") agreed to mediation in an effort to resolve the disputes. On September 28, 2012, as a result of mediation, the Parties executed an Agreement Reached Pursuant to Mediation ("Mediation Settlement Agreement") wherein two independent persons shall be appointed to the Board, with the first by January 31, 2013 and the second by April 30, 2013. The Parties agreed that other provisions of the Mediation Settlement Agreement shall be confidential except as may be required by law. The Company believes the remaining provisions of the Mediation Settlement Agreement will not have a material impact on the Company's finances or operations and are not subject to further disclosure. The Company is also a plaintiff in certain legal actions which could result in a gain. The ultimate outcome is not determinable and no amounts have been recognized.

The entire disclosure for commitments and contingencies.

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+ Details

VALLEY FORGE COMPOSITE TECHNOLOGIES, INC. 10-Q/A