CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - EUR (€) € in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash Flow from Operating Activities
Net loss	€ (3,031)	€ (2,520)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	28	33
Stock compensation expense - options	31	63
Changes in operating assets and liabilities
Receivables	114	163
Accrued interests on notes payable	1,655	1,863
Accounts payable	(24)	(341)
Deferred revenue from grants	(432)	(528)
Other	0	(3)
Net cash used in operating activities	(1,659)	(1,270)
Cash Flows from Investing Activities
Purchase of property and equipment	(34)	(3)
Net cash used in investing activities	(34)	(3)
Cash Flows from Financing Activities
Increase in notes payable	1,150	0
Net cash provided by investing activities	1,150	0
Effect of foreign exchange rate on cash	(18)	(4)
Net change in cash	(561)	(1,277)
Cash, beginning of period	1,391	2,381
Cash, end of period	€ 830	€ 1,104