Subsequent Events

6 Months Ended

Jun. 30, 2011

Subsequent Events [Abstract]

Subsequent Events

Note 6. Subsequent Events

On August 5, 2011, an agreement was made with Round Enterprises to convert the loan of E2.2 million including the accrued interest that has matured on June 30, 2011, into 41,542,722 shares at a conversion price of $0.08 per share.

On August 4, 2011, two new bridge loans of $1.2 million and $300,000, both bearing an interest rate of 10%, were issued to Round Enterprises Ltd. and Eardley Holding A.G., respectively. Both loans have a maturity date of January 31, 2012 and can be converted into common shares when an equity investment round, of at least $20 million, closes. The conversion rate would equal 90% of the price per share paid by the equity investors.