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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (EUR €)
In Thousands
6 Months Ended 257 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Cash Flow from Operating Activities      
Net loss € (6,279) € (4,109) € (59,797)
Adjustments to reconcile net loss to net cash used in operating activities      
Change in the fair value of acquisition-related contingent consideration 3,015 183 2,677
Depreciation 27 39 754
Amortization of intangibles 96 96 433
Goodwill impairment 0 0 209
Fees paid in warrants 0 0 223
Gain on sales of equipment (1) 0 (69)
Gain on extinguishment of debt 0 0 (774)
Services and fee paid in common stock 0 20 5,403
Stock compensation expense - options 55 162 293
Amortization of debt discount 600 0 1,410
Induced conversion cost 0 0 807
Warrant modification cost 0 0 484
Receivables 64 (24) 34
Accounts payable and payable to officers and employees (41) (50) 1,880
Taxes and social costs payable (25) (14) 1
Other (20) 3 (5)
Net cash used in operating activities (2,509) (3,694) (46,037)
Cash Flows from Investing Activities      
Patents and other 0 0 (393)
Proceeds from sale of equipment 4 4 145
Purchase of property and equipment 0 0 (255)
Acquisition of subsidiary, net of cash acquired of E58 0 0 (4,942)
Cash acquired in reverse purchase 0 0 13
Net cash provided by (used in) investing activities 4 4 (5,432)
Cash Flows from Financing Activities      
Proceeds from issuance of common stock 0 0 11,630
Borrowing from shareholders 0 0 972
Increase in notes payable and other short-term advances 1,034 3,421 40,166
Decrease in notes payable and other short-term advances 0 0 (1,490)
Loan fees 0 0 (130)
Net cash provided by financing activities 1,034 3,421 51,148
Effect on foreign exchange rate on cash (1) (17) 660
Net change in cash (1,472) (286) 339
Cash, beginning of period 1,811 2,959 0
Cash, end of period € 339 € 2,673 € 339