Subsequent Events

12 Months Ended

Dec. 31, 2012

Subsequent Events [Abstract]

Subsequent Events

Note 8. Subsequent Events

On January 16, 2013, two convertible loans were issued for a total of E300,000 with a 10% interest per annum and a maturity date of March 31, 2013. This maturity date is automatically prolonged for periods of 3 months, unless called for repayment. The conversion price is determined by reducing by 10% the price per share of the Company's common stock paid by the investors in connection with an investment in the Company of not less than $20,000,000.

On March 25, 2013, one convertible loan was issued for a total of E400,000 with a 10% interest per annum and a maturity date of March 31, 2013. This maturity date is automatically prolonged for periods of 3 months, unless called for repayment. The conversion price is determined by reducing by 10% the price per share of the Company's common stock paid by the investors in connection with an investment in the Company of not less than $20,000,000.