CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - EUR (€) € in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flow from Operating Activities
Net loss	€ (1,239)	€ (593)
Adjustments to reconcile net loss to net cash provided (used in) by operating activities
Depreciation	9	10
Stock compensation expense - options	12	28
Changes in operating assets and liabilities
Receivables	(1)	106
Accrued interests on notes payable	606	549
Accounts payable	(21)	(271)
Deferred revenue from grants	(280)	(186)
Other	(74)	(21)
Net cash (used in) provided by operating activities	(988)	(378)
Cash Flows from Investing Activities
Purchase of property and equipment	(18)	0
Net cash used in investing activities	(18)	0
Cash Flows from Financing Activities
Increase in notes payable	1,150	0
Net cash used in financing activities	1,150	0
Effect of foreign exchange rate on cash	2	(6)
Net change in cash	146	(384)
Cash, beginning of period	1,391	2,381
Cash, end of period	€ 1,537	€ 1,997