CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - EUR (€) € in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flow from Operating Activities
Net loss	€ (1,228)	€ (898)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	5	8
Stock compensation expense - options	2	6
Changes in operating assets and liabilities
Receivables	537	33
Accrued interests on notes payable	721	586
Accounts payable	(39)	(166)
Deferred revenue from grants	0	(189)
Other	(7)	(14)
Net cash used in operating activities	(9)	(634)
Cash Flows from Financing Activities
Effect of foreign exchange rate on cash	5	(1)
Net change in cash	(4)	(635)
Cash, beginning of period	479	1,180
Cash, end of period	€ 475	€ 545