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Significant Accounting Policies [Text Block]

1—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1-1 Nature of operations

EDAP TMS S.A. and its subsidiaries (‘‘the Company’’) are engaged in the development, production, marketing, distribution and maintenance of a portfolio of minimally-invasive medical devices for the treatment of urological diseases. Moreover, the Company develops a novel HIFU treatment for liver cancer in cooperation with its long-term academic partner INSERM and leading cancer centers (the “HECAM” project). The Company currently produces devices for treating stones of the urinary tract and localized prostate cancer. Net sales consist primarily of direct sales to hospitals and clinics in France and Europe, export sales to third-party distributors and agents, and export sales through subsidiaries based in Germany, Italy, the United States and Asia.

The Company purchases the majority of the components used in its products from a number of suppliers but for some components, relies on a single source. Delay would be caused if the supply of these components or other components was interrupted and these delays could be extended in certain situations where a component substitution may require regulatory approval. Failure to obtain adequate supplies of these components in a timely manner could have a material adverse effect on the Company’s business, financial position and results of operation.

1-2 Management estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (‘‘U.S. GAAP’’) requires management to make estimates and assumptions, such as business plans, stock price volatility, duration of standard warranty per market and cost of maintenance contract used to determine the amount of revenue to differ. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

1-3 Consolidation

The accompanying consolidated financial statements include the accounts of EDAP TMS S.A. and all its domestic and foreign owned subsidiaries, which include EDAP TMS France SAS, EDAP Technomed Inc. (USA), Edap Technomed Sdn Bhd (Malaysia), Edap Technomed Italia S.R.L, EDAP Technomed Co. Ltd. (Japan) and EDAP TMS Gmbh (Germany). Edap Technomed Sdn Bhd was incorporated in early 1997. Edap Technomed Co. Ltd. was created in late 1996. EDAP TMS Gmbh was created in July 2006. EDAP SA, a subsidiary incorporating HIFU activities merged all of its activity into EDAP TMS France SAS in 2008. All intercompany transactions and balances are eliminated in consolidation.

1-4 Revenue recognition

Sales of goods:

For medical device sales with no significant remaining vendor obligation, payments contingent upon customer financing, acceptance criteria that can be subjectively interpreted by the customer, or tied to the use of the device, revenue is recognized when evidence of an arrangement exists, title to the device passes (depending on terms, either upon shipment or delivery), and the customer has the intent and ability to pay in accordance with contract payment terms that are fixed or determinable. For sales in which payment is contingent upon customer financing, acceptance criteria can be subjectively interpreted by the customer, or payment depends on use of the device, revenue is recognized when the contingency is resolved. The Company provides training and provides a minimum of one-year warranty upon installation. The Company accrues for the estimated training and warranty costs at the time of sale. Revenues related to disposables are recognized when goods are delivered.

Sales of RPPs and leases:

Revenues related to the sale of HIFU treatments invoiced on a ‘‘Revenue-Per-Procedure’’ (‘‘RPP’’) basis are recognized when the treatment procedure has been completed. Revenues from devices leased to customers under operating leases are recognized on a straight-line basis.

Sales of spare parts and services:

Revenues related to spare parts are recognized when goods are delivered. Maintenance contracts rarely exceed one year and are recognized on a straight line basis. Billings or cash receipts in advance of services due under maintenance contracts are recorded as deferred revenue.

1-5 Shipping and handling costs

The Company recognizes revenue from the shipping and handling of its products as a component of revenue. Shipping and handling costs are recorded as a component of cost of sales.

1-6 Cash equivalents and short term investments

Cash equivalents are cash investments which are highly liquid and have initial maturities of 90 days or less.

Cash investments with a maturity higher than 90 days are considered as short-term investments.

1-7 Accounts Receivables

Accounts receivables are stated at cost net of allowances for doubtful accounts. The Company makes judgments as to its ability to collect outstanding receivables and provides allowances for the portion of receivables when collection becomes doubtful. Provision is made based upon a specific review of all significant outstanding invoices. These estimates are based on our bad debt write-off experience, analysis of credit information, specific identification of probable bad debt based on our collection efforts, aging of accounts receivables and other known factors. Accounts receivables also include receivables factored for which the Company is supporting the collection risk.

1-8 Inventories

Inventories are valued at the lower of manufacturing cost, which is principally comprised of components and labor costs, or market (net realizable value). Cost is determined on a first-in, first-out basis for components and spare parts and by specific identification for finished goods (medical devices). The Company establishes reserves for inventory estimated to be obsolete, unmarketable or slow moving, first based on a detailed comparison between quantity in inventory and historical consumption and then based on case-by-case analysis of the difference between the cost of inventory and the related estimated market value.

1-9 Property and equipment

Property and equipment is stated at historical cost. Depreciation and amortization of property and equipment are calculated using the straight-line method over the estimated useful life of the related assets, as follows:

	Leasehold improvements	10 years or lease term if shorter
	Equipment	3-10 years
	Furniture, fixtures, fittings and other	2-10 years

Equipment includes industrial equipment and research equipment that has alternative future uses. Equipment also includes devices that are manufactured by the Company and leased to customers through operating leases related to Revenue-Per-Procedure transactions and devices subject to sale and leaseback transactions. This equipment is depreciated over a period of seven years.

1-10 Long-lived assets

The Company reviews the carrying value of its long-lived assets, including fixed assets and intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. Recoverability of long-lived assets is assessed by a comparison of the carrying amount of the assets (or the Group of assets, including the asset in question, that represents the lowest level of separately-identifiable cash flows) to the total estimated undiscounted cash flows expected to be generated by the asset or group of assets. If the future net undiscounted cash flows is less than the carrying amount of the asset or group of assets, the asset or group of assets is considered impaired and an expense is recognized equal to the amount required to reduce the carrying amount of the asset or group of assets to its then fair value. Fair value is determined by discounting the cash flows expected to be generated by the assets, when the quoted market prices are not available for the long-lived assets. Estimated future cash flows are based on assumptions and are subject to risk and uncertainty.

1-11 Goodwill and intangible assets

Goodwill represents the excess of purchase price over the fair value of identifiable net assets of businesses acquired. Goodwill is not amortized but instead tested annually for impairment or more frequently when events or change in circumstances indicate that the assets might be impaired by comparing the carrying value to the fair value of the reporting units to which it is assigned. Under ASC 350, “Goodwill and other intangible assets”, the impairment test is performed in two steps. The first step compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit is less than its carrying amount, a second step is performed to measure the amount of impairment loss. The second step allocates the fair value of the reporting unit to the Company’s tangible and intangible assets and liabilities. This derives an implied fair value for the reporting unit’s goodwill. If the carrying amount of the reporting units goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized equal to that excess. For the purpose of any impairment test, the Company relies upon projections of future undiscounted cash flows and takes into account assumptions regarding the evolution of the market and its ability to successfully develop and commercialize its products.

Changes in market conditions could have a major impact on the valuation of these assets and could result in additional impairment losses.

Intangible assets consist primarily of purchased patents relating to lithotripters, purchased licenses, a purchased trade name and a purchased trademark. The basis for valuation of these assets is their historical acquisition cost. Amortization of intangible assets is calculated by the straight-line method over the shorter of the contractual or estimated useful life of the assets, as follows:

Patents	5 years
Licenses	5 years
Trade name and trademark	7 years

1-12

Treasury Stocks

Treasury stock purchases are accounted for at cost. The sale of treasury stocks is accounted for using the first in first out method. Gains on the sale or retirement of treasury stocks are accounted for as additional paid-in capital whereas losses on the sale or retirement of treasury stock are recorded as additional paid-in capital to the extent that previous net gains from sale or retirement of treasury stocks are included therein; otherwise the losses shall be recorded to accumulated benefit (deficit) account. Gains or losses from the sale or retirement of treasury stock do not affect reported results of operations.

1-13 Warranty expenses

The Company provides customers with a warranty for each product sold and accrues warranty expense at time of sale based upon historical claims experience. Standard warranty period may vary from 1 year to 2 years depending on the market. Actual warranty costs incurred are charged against the accrual when paid and are classified in cost of sales in the statement of income.

1-14 Income taxes

The Company accounts for income taxes in accordance with ASC 740, ‘‘Accounting for Income Taxes’’ Under ASC 740, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured by applying enacted tax rates and laws to taxable years in which such differences are expected to reverse. A valuation allowance is established if, based on the weight of available evidence, it is more likely than not that some portion, or all of the deferred tax assets, will not be realized. In accordance with ASC740, no provision has been made for income or withholding taxes on undistributed earnings of foreign subsidiaries, such undistributed earnings being permanently reinvested.

As of January 1, 2007, the Company adopted FIN48 (now ASC 740) "Accounting for uncertainty in income tax". Under ASC740, the measurement of a tax position that meets the more-likely-that-not recognition threshold must take into consideration the amounts and probabilities of the outcomes that could be realized upon ultimate settlement using the facts, circumstances and information available at the reporting date.

1-15 Research and development costs

Research and development costs are recorded as an expense in the period in which they are incurred. The French government provides tax credits to companies for innovative research and development. This tax credit is calculated based on a percentage of eligible research and development costs and it can be refundable in cash and is not contingent on future taxable income. As such, the Company considers the research tax credits as a grant, offsetting operating expenses.

1-16 Advertising costs

Advertising costs are recorded as an expense in the period in which they are incurred.

1-17 Foreign currency translation and transactions

Translation of the financial statements of consolidated companies

The reporting currency of EDAP TMS S.A. for all years presented is the euro (€). The functional currency of each subsidiary is its local currency. In accordance with ASC 830, all accounts in the financial statements are translated into euro from the functional currency at exchange rate as follows:

•

assets and liabilities are translated at year-end exchange rates;

•

shareholders’ equity is translated at historical exchange rates (as of the date of contribution);

•

statement of income items are translated at average exchange rates for the year; and

•

translation gains and losses are recorded in a separate component of shareholders’ equity.

Foreign currencies transactions

Transactions involving foreign currencies are translated into the functional currency using the exchange rate prevailing at the time of the transactions. Receivables and payables denominated in foreign currencies are translated at year-end exchange rates. The resulting unrealized exchange gains and losses are carried to the statement of income.

1-18 Earnings per share

Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share reflects potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The dilutive effects of the Company’s common stock options and warrants is determined using the treasury stock method to measure the number of shares that are assumed to have been repurchased using the average market price during the period, which is converted from U.S. dollars at the average exchange rate for the period.

1-19 Derivative instruments

ASC 815 requires the Company to recognize all of its derivative instruments as either assets or liabilities in the statement of financial position at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the Company must classify the hedging instrument, based upon the exposure being hedged, as fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation.

Gains and losses from derivative instruments are recorded in the income statement.

20 Employee stock option plans

At June 30, 2016, the Company had four stock-based employee compensation plans. The Company adopted ASC 718, “Share-Based Payment”, effective January 1, 2006. ASC 718 requires the recognition of fair value of stock compensation as an expense in the calculation of net income (loss).

The Company did not make any stock option grant during the year ended December 31, 2015 but did grant 575,000 stock options to subscribe to new shares to certain employees of the Company in April 2016.

The fair value of each stock option granted during the year is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:

	06-30-2016			12-31-2015 (1)
Weighted-average expected life (years)		6.25			—
Expected volatility rates		60.6	%		—
Expected dividend yield		—			—
Risk-free interest rate		0.01	%		—
Weighted-average exercise price (€)		3.22			—
Weighted-average fair value of options granted during the year (€)		1.67			—

(1) The Company did not make any grants during the years ended December 31, 2015.

1-21 Warrants

On March 28, 2012, pursuant to a securities purchase agreement dated March 22, 2012, as amended, the Company issued new ordinary shares in the form of ADSs to selected institutional investors in a registered direct placement (the “March 2012 Placement”) with warrants attached (the “March 2012 Investor Warrants”). The Company also issued warrants to the placement agent, Rodman & Renshaw LLC (the “March 2012 Placement Agent Warrants” and together with the March 2012 Investor Warrants, the “March 2012 Warrants”). The Company has accounted for the March 2012 Warrants as a liability and reflected this analysis in the Company’s financial statements filed for the year 2012.

The Company used the Black-Scholes pricing model to value the March 2012 Warrants at inception, with changes in fair value recorded as a financial expense or income.

On May 28, 2013, pursuant to a securities purchase agreement dated May 20, 2013, as amended, the Company issued new ordinary shares in the form of ADSs to selected institutional investors in a registered direct placement (the “May 2013 Placement”) with warrants attached (the “May 2013 Investor Warrants”). The Company also issued warrants to the placement agent, H.C. Wainwright & Co., LLC (the “May 2013 Placement Agent Warrants” and together with the May 2013 Investor Warrants, the “May 2013 Warrants”). As the May 2013 Warrants comprised the same structure and provisions than the March 2012 Warrants, including an exercise price determined in U.S. dollars while the functional currency of the Company is the Euro, the Company determined that the May 2013 Warrants should be accounted for as a liability.

The Company used the Black-Scholes pricing model to value the May 2013 Warrants at inception, with changes in fair value recorded as a financial expense or income.

On April 14, 2016, pursuant to a securities purchase agreement dated April 7, 2016, as amended, the Company issued new ordinary shares in the form of ADSs to selected institutional investors in a registered direct placement (the “April 2016 Placement”) with warrants attached (the “April 2016 Investor Warrants”). As the April 2016 Warrants comprised the same structure and provisions than the March 2012 and May 2013 Warrants, including an exercise price determined in U.S. dollars while the functional currency of the Company is the Euro, the Company determined that the April 2016 Warrants should be accounted for as a liability.

The Company used the Black-Scholes pricing model to value the April 2016 Warrants at inception, with changes in fair value recorded as a financial expense or income.

1-22 Leases and Sales and leaseback transactions

In accordance with ASC 840, Accounting for Leases, the Company classifies all leases at the inception date as either a capital lease or an operating lease. A lease is a capital lease if it meets any one of the following criteria; otherwise, it is an operating lease:

Ownership is transferred to the lessee by the end of the lease term;

The lease contains a bargain purchase option;

The lease term is at least 75% of the property's estimated remaining economic life;

The present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date.

For sales type leases, the following two additional criteria are applied:

Collectability of the minimum lease payment is reasonably predictable;

No important uncertainties surround the amount of un-reimbursable costs yet to be incurred by the lessor under the lease.

The Company enters into sale and leaseback transactions from time to time. In accordance with ASC 840, any profit or loss on the sale is deferred and amortized prospectively over the term of the lease, in proportion to the leased asset if a capital lease, or in proportion to the related gross rental charged to expense over the lease term, if an operating lease.

Note 2 - Cash, Cash Equivalents and Short Term Investments

6 Months Ended

Jun. 30, 2016

Cash and Cash Equivalents Disclosure [Text Block]

2—CASH, CASH EQUIVALENTS AND SHORT TERM INVESTMENTS

Cash and cash equivalents and short terms investments are comprised of the following:

	06-30-2016		12-31-2015
Total cash and cash equivalents		20,940		13,578
Short term investments		1,000		1,000
Total cash and cash equivalent and short term investments		21,940		14,578

Short term investments are comprised of money market funds. The aggregate fair value of the short term investments is consistent with their book value.

The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify.

+ References + Details

Note 3 - Inventories

6 Months Ended

Jun. 30, 2016

Inventory Disclosure [Text Block]

3—INVENTORIES

Inventories consist of the following:

	06-30-2016			12-31-2015
Components, spare parts		4,345			4,085
Work-in-progress		1,706			676
Finished goods		2,653			2,118
Total gross inventories		8,704			6,879
Less: provision for slow-moving inventory		(773	)		(728	)
Total		7,932			6,151

Note 4 - Short-term Borrowings

6 Months Ended

Jun. 30, 2016

Short-term Debt [Text Block]

4—SHORT-TERM BORROWINGS

As of June 30, 2016, short-term borrowings consist mainly of €1,096 thousand of account receivables factored and for which the Company is supporting the risk of non-collection.

As of June 30, 2015, short-term borrowings consist mainly of €1,980 thousand of account receivables factored and for which the Company is supporting the risk of non-collection and loans in euros amounting to €1,000 thousand with the following conditions:

‘000 Euros		Amount				Maturation				Interest rate
EDAP-TMS France SAS			1,000				November 19, 2015			Euribor + 0,7%

Note 5 - Capital Lease Obligations	6 Months Ended
Note 5 - Capital Lease Obligations	Jun. 30, 2016
Notes to Financial Statements
Leases of Lessee Disclosure [Text Block]	5—CAPITAL LEASE OBLIGATIONS The Company leases certain of its equipment under capital leases. At June 30, 2016, this equipment consists mainly of medical devices for an amount of €193 thousand and vehicles for an amount of €244 thousand.

Note 6 - Long Term Debt, and Financial Instruments Carried at Fair Value

6 Months Ended

Jun. 30, 2016

Long-term Debt [Text Block]

6— LONG TERM DEBT, AND FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE

6-1 Long-term debt:

	06-30-2016			12-31-2015
Japanese yen term loan		163			183
Germany term loan		398			443
Italy term loan		152			175
Malaysia term loan		-			1
Total long term debt		712			802
Less current portion		(220	)		(209	)
Total long-term portion		492			592

As of June 30, 2016, long-term debt in Japan consists of 2 loans in Yen with the following conditions:

	Initial Amount		Maturation		Interest rate
EDAP Technomed Co. Ltd		55,000,000		June 30, 2018		1.80	%
		10,000,000		June 30, 2018		2.10	%

As of December 31, 2015, long-term debt in Japan consists of 2 loans in Yen with the following conditions:

	Amount		Maturation		Interest rate
EDAP Technomed Co. Ltd		55,000,000		June 30, 2018		1.80	%
		10,000,000		June 30, 2018		0.10	%

As of June 30, 2016, long-term debt in Germany consists of a loan in euro of an initial amount of €450 thousand with an interest rate at 2.49% due to mature on November 30, 2020. This loan is pledged by an HIFU equipment with a purchase value of €450 thousand and receivables amounting €391 thousand.

As of December 31, 2015, long-term debt in Germany consists of a loan in euro of an initial amount of €450 thousand with an interest rate at 2.49% due to mature on November 30, 2020. This loan is pledged by an HIFU equipment with a purchase value of €450 thousand and receivables amounting €391 thousand.

As of June 30, 2016, long-term debt in Italy consists of a loan in euro of an initial amount of €242 thousand with an interest rate at Euribor 1 month + 4.5% due to mature on June 6, 2019.

As of December 31, 2015, long-term debt in Italy consists of a loan in euro of an initial amount of €242 thousand with an interest rate at Euribor 1 month + 4.5% due to mature on June 6, 2019.

6-2 Financial instruments carried at fair value:

	06-30-2016			12-31-2015
Investor Warrants		4,608			4,205
Placement Agent Warrants		-			172
Total		4,608			4,377
Less current portion		(835	)		(172	)
Total long-term portion		3,774			4,205

EDAP TMS S.A. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM UNAUDITED FINANCIAL STATEMENTS

(in thousands of euros unless otherwise noted, except per share data)

On March 28, 2012, pursuant to a securities purchase agreement dated March 22, 2012, as amended, the Company issued 2,812,500 ordinary shares in the form of ADSs to selected institutional investors in a registered direct placement (the “March 2012 Placement”), at a price of $2.00 per share, with warrants attached (the “March 2012 Investor Warrants”). The March 2012 Investor Warrants allow investors to purchase up to 1,406,250 shares in the form of ADSs at an exercise price of $2.75. The March 2012 Investor Warrants are exercisable immediately and expire on March 28, 2017. The Company also issued warrants to purchase up to 168,750 shares in the form of ADSs to the placement agent, Rodman & Renshaw LLC, with an exercise price of $2.50 (the “March 2012 Placement Agent Warrants” and together with the Investor Warrants, the “March 2012 Warrants”). The March 2012 Placement Agent Warrants are exercisable from September 24, 2012 and expire on October 21, 2016. Total gross proceeds for the placement amounted to $5.625 million (€ 4.214 million) out of which $2.429 million (€1.821 million) allocated to the Investor and Placement Agent Warrants based on their fair value and accounted for as liability, and the remaining $3.196 million (€2.393 million) allocated to the share capital increase.

The form of the securities purchase agreement and the form of Investor Warrant were furnished to the SEC on our report on Form 6-K dated March 28, 2012.

The Company determined that the March 2012 Warrants to purchase up to 1,575,000 new ordinary shares of the Company (1,406,250 shares underlying the March 2012 Investor Warrants and 168,750 shares underlying the March 2012 Placement Agent Warrants) should be accounted for as a liability.

On May 28, 2013, pursuant to a securities purchase agreement dated May 20, 2013, as amended, the Company issued 3,000,000 ordinary shares in the form of ADSs to selected institutional investors in a registered direct placement (the “May 2013 Placement”), at a price of $4.00 per share, with warrants attached (the “May 2013 Investor Warrants”). The May 2013 Investor Warrants allow investors to purchase up to 1,500,000 shares in the form of ADSs at an exercise price of $4.25. The May 2013 Investor Warrants are exercisable from November 29, 2013 and expire on November 29, 2018. The Company also issued warrants to purchase up to 180,000 shares in the form of ADSs to the placement agent, H.C. Wainwright & Co., LLC, with an exercise price of $5.00 per share (the “May 2013 Placement Agent Warrants” and together with the Investor Warrants, the “May 2013 Warrants”). The May 2013 Placement Agent Warrants are exercisable from November 29, 2013 and expire on May 28, 2016. As the May 2013 Warrants comprised the same structure and provisions than the March 2012 Warrants, including an exercise price determined in U.S. dollars while the functional currency of the Company is the Euro, the Company determined that the May 2013 Warrants should be accounted for as a liability. Total gross proceeds for the placement amounted to $12.0 million (€ 9.270 million), out of which $3.817 million (€2.950 million) allocated to the Investor and Placement Agent Warrants based on their fair value and accounted for as liability, and the remaining $8.183 million (€6.320 million) allocated to the share capital increase. The form of the securities purchase agreement and the form of Investor Warrant were furnished to the SEC on our report on Form 6-K dated May 28, 2013.

The Company used the Black-Scholes pricing model to value the May 2013 Warrants at inception, with changes in fair value recorded as a financial expense or income.

EDAP TMS S.A. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM UNAUDITED FINANCIAL STATEMENTS

(in thousands of euros unless otherwise noted, except per share data)

On April 14, 2016, pursuant to a securities purchase agreement dated April 7, 2016, the Company issued 3,283,284 ordinary shares in the form of ADSs to selected institutional investors in a registered direct placement (the “April 2016 Placement”), at a price of $3.50 per share, with warrants attached (the “April 2016 Investor Warrants”). The April 2016 Investor Warrants allow investors to purchase up to 3,283,284 shares in the form of ADSs at an exercise price of $4.50. The April 2016 Investor Warrants are exercisable from October 14, 2016 and expire on October 14, 2018. As the April 2016 Warrants comprised the same structure and provisions than the March 2012 and May 2013 Warrants, including an exercise price determined in U.S. dollars while the functional currency of the Company is the Euro, the Company determined that the April 2016 Warrants should be accounted for as a liability. Total gross proceeds for the placement amounted to $11.5 million (€ 10.2 million), out of which $3.578 million (€3.168 million) allocated to the Investor Warrants based on their fair value and accounted for as liability, and the remaining $7.913 million (€7.006 million) allocated to the share capital increase. The form of the securities purchase agreement and the form of Investor Warrant were furnished to the SEC on our report on Form 6-K dated April 14, 2016.

The Company used the Black-Scholes pricing model to value the April 2016 Warrants at inception, with changes in fair value recorded as a financial expense or income.

Fair Value of the March 2012 Investor Warrants:

The valuation model of the Investor Warrants uses a Black-Scholes model.

At inception date, the Black-Scholes valuation model used the following main assumptions and parameters:

Share price at closing date: $1.95

Strike price of warrants: $2.75

Risk free interest rate at 5 years: 1.05%

Share price volatility: 120%

Dividend rates: 0%

As of December 31, 2015, the Black-Scholes valuation model used the following main assumptions and parameters:

Warrants’ maturity is assumed to be their legal duration as per Warrant contract

Share price at closing date: $4.13

Strike price of warrants: $2.75

Risk free interest rate at 5 years: 0%

Share price volatility: 70%

Dividend rates: 0%

As of June 30, 2016, the Black-Scholes valuation model used the following main assumptions and parameters:

Share price at closing date: $3.31

Strike price of warrants: $2.75

Risk free interest rate at 5 years: 0.00%

Share price volatility: 60%

Dividend rates: 0%

On that basis, the unit fair value of the Investor Warrants was $1.55 per warrant at inception date, $1.86 per warrant as of December 31, 2015, and $0.94 per warrant as of June 30, 2016. The total fair value for the issued Investor warrants was $2.173 million at inception date, $1.840 million as of December 31, 2015 and $0.927 million as of June 30, 2016.

EDAP TMS S.A. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM UNAUDITED FINANCIAL STATEMENTS

(in thousands of euros unless otherwise noted, except per share data)

Fair Value of the March 2012 Placement Agent Warrants:

The valuation model of the Placement Agent Warrants uses a Black-Scholes model.

At inception date, the Black-Scholes valuation model used the following main assumptions and parameters:

Share price at closing date: $1.95

Strike price of warrants: $2.5

Risk free interest rate at 4.5 years: 0.92%

Share price volatility: 120%

Dividend rates: 0%

As of December 31, 2015, the Black-Scholes valuation model used the following main assumptions and parameters:

Warrants’ maturity is assumed to be their legal duration as per Warrant contract

Share price at closing date: $4.13

Strike price of warrants: $2.5

Risk free interest rate at 4.5 years: 0%

Share price volatility: 70%

Dividend rates: 0%

As of June 30, 2016, all the March 2012 Placement Agent Warrants were exercised.

On that basis, the unit fair value of the Placement Agent Warrants was $1.52 per warrant at inception date, and $1.87 per warrant as of December 31, 2015. The total fair value for the issued Placement Agent warrants was $0.256 million at inception date, $0.107 million as of December 31, 2015, and $0.000 million as of June 30, 2016.

Fair Value of the May 2013 Investor Warrants:

The valuation model of the Investor Warrants uses a Black-Scholes model.

At inception date, the Black-Scholes valuation model used the following main assumptions and parameters:

Share price at closing date: $3.96

Strike price of warrants: $4.25

Risk free interest rate at 5.5 years: 1.07%

Share price volatility: 71%

Dividend rates: 0%

As of December 31, 2015, the Black-Scholes valuation model used the following main assumptions and parameters:

Warrants’ maturity is assumed to be their legal duration as per Warrant contract

Share price at closing date: $4.13

Strike price of warrants: $4.25

Risk free interest rate at 5.5 years: 0%

Share price volatility: 70%

Dividend rates: 0%

EDAP TMS S.A. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM UNAUDITED FINANCIAL STATEMENTS

(in thousands of euros unless otherwise noted, except per share data)

As of June 30, 2016, the Black-Scholes valuation model used the following main assumptions and parameters:

Warrants’ maturity is assumed to be their legal duration as per Warrant contract

Share price at closing date: $3.31

Strike price of warrants: $4.25

Risk free interest rate at 5.5 years: 0.00%

Share price volatility: 60.2%

Dividend rates: 0%

On that basis, the unit fair value of the Investor Warrants was $2.35 per warrant at inception date, $1.82 per warrant as of December 31, 2015 and $0.94 per warrant as of June 30, 2016. The total fair value for the issued Investor warrants was $3.525 million at inception date, $2.737 million as of December 31, 2015 and $1.404 million as of June 30, 2016.

Fair Value of the May 2013 Placement Agent Warrants:

The valuation model of the Placement Agent Warrants uses a Black-Scholes model.

At inception date, the Black-Scholes valuation model used the following main assumptions and parameters:

Share price at closing date: $3.96

Strike price of warrants: $5.00

Risk free interest rate at 3 years: 0.36%

Share price volatility: 72%

Dividend rates: 0%

As of December 31, 2015, the Black-Scholes valuation model used the following main assumptions and parameters:

Warrants’ maturity is assumed to be their legal duration as per Warrant contract

Share price at closing date: $4.13

Strike price of warrants: $5.00

Risk free interest rate at 3 years: 0%

Share price volatility: 70%

Dividend rates: 0%

As of June 30, 2016, all the March 2013 Placement Agent Warrants were exercised or forfeited.

On that basis, the unit fair value of the Placement Agent Warrants was $1.62 per warrant at inception date and $0.44 per warrant as of December 31, 2015. The total fair value for the issued Placement Agent warrants was $0.292 million at inception date, $0.080 million as of December 31, 2015 and $0.000 million as of June 30, 2016.

Fair Value of the April 2016 Investor Warrants:

The valuation model of the Investor Warrants uses a Black-Scholes model.

EDAP TMS S.A. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM UNAUDITED FINANCIAL STATEMENTS

(in thousands of euros unless otherwise noted, except per share data)

At inception date, the Black-Scholes valuation model used the following main assumptions and parameters:

Share price at closing date: $3.64

Strike price of warrants: $4.50

Risk free interest rate at 2.5 years: 0.00%

Share price volatility: 60.20%

Dividend rates: 0%

As of June 30, 2016, the Black-Scholes valuation model used the following main assumptions and parameters:

Warrants’ maturity is assumed to be their legal duration as per Warrant contract

Share price at closing date: $3.31

Strike price of warrants: $4.50

Risk free interest rate at 2.5 years: 0.00%

Share price volatility: 60.20%

Dividend rates: 0%

On that basis, the unit fair value of the Investor Warrants was $1.09 per warrant at inception date and $0.85 per warrant as of June 30, 2016. The total fair value for the issued Investor warrants was $3.579 million at inception date, $2.785 million as of June 30, 2016.

Long-term debt and financial instruments carried at fair value at June 30, 2016 mature as follows:

2016			103
2017			1,056
2018			3,963
2019			117
2020			83
Total			5,320

Note 7 - Shareholders' Equity

6 Months Ended

Jun. 30, 2016

Stockholders' Equity Note Disclosure [Text Block]

7—SHAREHOLDERS’ EQUITY

7-1 Common stock

As of June 30, 2016, EDAP TMS S.A.’s common stock consisted of 29,098,144 issued shares, fully paid, and with a par value of €0.13 each. 28,727,616 of the shares were outstanding.

7-2 Pre-emptive subscription rights

Shareholders have preemptive rights to subscribe on a

pro rata

basis for additional shares issued by the Company for cash. Shareholders may waive such preemptive subscription rights at an extraordinary general meeting of shareholders under certain circumstances. Preemptive subscription rights, if not previously waived, are transferable during the subscription period relating to a particular offer of shares.

7-3 Dividend rights

Dividends may be distributed from the statutory retained earnings, subject to the requirements of French law and the Company’s by-laws. The Company has not distributed any dividends since its inception.

EDAP TMS S.A. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM UNAUDITED FINANCIAL STATEMENTS

(in thousands of euros unless otherwise noted, except per share data)

7-4 Treasury stock

As of June 30, 2016, the 370,528 shares of treasury stock consisted of (i) 190,238 shares acquired between August and December 1998 for €649 thousand, and (ii) 180,290 shares acquired in June and July 2001 for €493 thousand. All 370,528 shares of treasury stock have been acquired to cover outstanding stock options (see Note 7-5).

7-5 Stock-option plans

As of June 30, 2016, the 370,528 ordinary shares held as treasury stock were dedicated to serve stock purchase option plans as follows: 127,100 shares which may be purchased at a price of €2.38 per share pursuant to the exercise of options that were granted on June 25, 2010.

As of June 30 2016, the Company sponsored four stock purchase and subscription option plans:

On May 22, 2007, the shareholders of the Company authorized the Board of Directors to grant up to 600,000 options to subscribe to 600,000 new Shares. Conforming to this stock option plan, the Board of Directors granted 504,088 options to subscribe to new Shares to certain employees of EDAP TMS on October 29, 2007, and 95,912 options to subscribe to new Shares to certain employees of EDAP TMS on June 25, 2010. Under this plan, a total of 440,500 options to subscribe to new shares were still in force on June 30, 2015.

On June 24, 2010, the shareholders of the Company authorized the Board of Directors to grant up to 229,100 options to purchase up to 229,100 Shares. Conforming to this stock option plan, the Board of Directors granted 229,100 options to purchase Shares to certain employees of EDAP TMS on June 25, 2010. Under this plan, 149,100 options were still in force on June 30, 2015.

On December 19, 2012, the shareholders authorized the Board of Directors to grant up to 500,000 options to subscribe to 500,000 new shares at a fixed price to be set by the Board of Directors. Conforming to this stock option plan, the Board of Directors granted 500,000 options to subscribe Shares to certain employees of EDAP TMS on January 18, 2013. Under this plan, 400,000 options were still in force on June 30, 2015.

On February 18, 2016, the shareholders authorized the Board of Directors to grant up to 1,000,000 options to subscribe to 1,000,000 new shares at a fixed price to be set by the Board of Directors. Conforming to this stock option plan, the Board of Directors granted 575,000 options to subscribe Shares to certain employees of EDAP TMS on April 26, 2016. Under this plan, 562,000 options were still in force on June 30, 2016.

EDAP TMS S.A. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM UNAUDITED FINANCIAL STATEMENTS

(in thousands of euros unless otherwise noted, except per share data)

As of June 30, 2016, a summary of stock option activity to purchase or to subscribe to Shares under these plans is as follows:

	June 30, 2016					December 31, 2015					December 31, 2014
	Options			Weighted average exercise price (€)		Options			Weighted average exercise price (€)		Options			Weighted average exercise price (€)
Outstanding on January 1,		917,188			2.79		1,095,850			2.76		1,310,850			2.70
Granted		575,000			3.22		-			-		-			-
Exercised							(72,412	)		2.13		(750	)		3.99
Forfeited		(42,750	)		2.98		(106,250	)		2.88		(90,250	)		2.07
Expired							-			-		(124,000	)		2.60
Outstanding at the end of the period		1,449,438			2.96		917,188			2.79		1,095,850			2.76
Exercisable at the end of the period		702,438			3.02		724,688			3.03		784,600			3.09
Shares purchase options available for grant on at end of period		243,428					232,428					83,428

The following table summarizes information about options to purchase Shares already held by the Company as treasury Shares, or to subscribe to new Shares, at June 30, 2016:

	Outstanding options								Fully vested options (1)
Exercise price (€)	Options		Weighted average remaining contractual life		Weighted average exercise price (€)		Aggregate Intrinsic Value (2)		Options		Weighted average exercise price (€)		Aggregate Intrinsic Value (2)
3.99		347,838		1.3		3.99		-		347,838		3.99		-
2.38		127,100		4.0		2.38		76,427		127,100		2.38		76,427
3.22		562,000		9.8		3.22		-		-		3.22		-
1.91		362,500		6.5		1.91		388,352		270,000		1.91		289,260
1.88		50,000		4.0		1.88		55,066		50,000		1.88		55,066
1.88 to 3.99		1,449,438		6.4		2.96		519,846		794,938		2.89		420,753

(1)

Fully vested options are all exercisable options

(2)

The aggregate intrinsic value represents the total pre-tax intrinsic value, based on the Company’s closing stock price of $3.31 at June 30, 2016, which would have been received by the option holders had all in-the-money option holders exercised their options as of that date.

The Company applies FAS 123R on Share Based Payments and its related interpretations in accounting for its employee stock options.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Note 8 - Financial Income, Net

6 Months Ended

Jun. 30, 2016

Interest Income and Interest Expense Disclosure [Text Block]

8—FINANCIAL INCOME, NET

Interest (expense) income, net consists of the following:

	6 months 2016			6 months 2015
Interest income		9			3
Interest expense		(27	)		(28	)
Warrants exercised or forfeited		174			66
Changes in fair value of the warrants		2,734			(1,385	)
Total		2,891			(1,344	)

Note 9 - Segment Information

6 Months Ended

Jun. 30, 2016

Segment Reporting Disclosure [Text Block]

9—SEGMENT INFORMATION

In July of fiscal year 2002, the Company announced an organizational realignment that created two operating divisions within the Company. For reporting purposes, this organizational realignment created three reporting segments: the holding company, EDAP TMS S.A. (‘EDAP TMS Corporate’), the High Intensity Focused Ultrasound (‘HIFU’) Division and the Urological Devices and Services (‘UDS’) Division.Then, in 2007, the Company created a new reporting segment dedicated to the FDA approval for Ablatherm-HIFU activity. Segment operating profit or loss are determined in accordance with the same policies as those described in the summary of significant accounting policies except that interest income and expense, current and deferred income taxes, are not allocated to individual segments. A reconciliation of segment operating profit or loss to consolidated net loss is as follows:

	6 months 2016			6 months 2015
Segment operating loss		388			(839	)
Interest income, net		2,891			(1,344	)
Foreign Currency exchange (losses) gains, net		671			303
Other income, net		-			(3	)
Income tax (expense) credit net		(91	)		(69	)
Consolidated net loss net		3,859			(1,953	)

EDAP TMS S.A. AND SUBSIDIARIES

NOTES TO CONSOLIDATED INTERIM UNAUDITED FINANCIAL STATEMENTS

(in thousands of euros unless otherwise noted, except per share data)

A summary of the Company’s operations by business unit is presented below for periods ending June 30, 2016 and 2015:

	HIFU Division			UDS Division			EDAP TMS Corporate			FDA		Total consolidated
6 months 2016
Sales of Goods (incl. consumables)		4,536			6,725			-			-		11,261
Sales of RPPs & Leases,		1,811			766			-			-		2,578
Sales of Spare Parts & Services		328			2,750			-			-		3,078
Total Net Sales		6,676			10,241			-			-		16,917
Other Revenues		6			2			-			-		8
Total Revenues		6,682			10,243			-			-		16,925
Gross Profit		4,081			3,672			-			-		7,753
Research & Development		(1,048	)		(653	)		-			-		(1,701	)
SG&A + Depreciation		(1,979	)		(2,996	)		(689	)		-		(5,664	)
Operating income (loss)		1,054			23			(689	)		-		388

	HIFU Division			UDS Division			EDAP TMS Corporate			FDA			Total consolidated
6 months 2015
Sales of Goods (incl. consumables)		2,318			6,785			-			-			9,103
Sales of RPPs & Leases,		1,297			822			-			-			2,119
Sales of Spare Parts & Services		333			2,497			-			-			2,830
Total Net Sales		3,948			10,104			-			-			14,052
Other Revenues		2			-			-			-			2
Total Revenues		3,950			10,104			-			-			14,054
Gross Profit		2,158			3,753			-			-			5,911
Research & Development		(745	)		(455	)		-			(312	)		(1,512	)
SG&A + Depreciation		(1,504	)		(3,014	)		(721	)		-			(5,238	)
Operating income (loss)		(91	)		284			(721	)		(312	)		(839	)

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Nature of Operations [Policy Text Block]

Note 10 - Subsequent Significant Events	6 Months Ended
Note 10 - Subsequent Significant Events	Jun. 30, 2016
Notes to Financial Statements
Subsequent Events [Text Block]	10—SUBSEQUENT SIGNIFICANT EVENTS N/A

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

1-1 Nature of operations

Use of Estimates, Policy [Policy Text Block]

1-2 Management estimates

Consolidation, Policy [Policy Text Block]

1-3 Consolidation

Revenue Recognition, Policy [Policy Text Block]

1-4 Revenue recognition

Sales of goods:

Sales of RPPs and leases:

Sales of spare parts and services:

Shipping and Handling Cost, Policy [Policy Text Block]

1-5 Shipping and handling costs

The Company recognizes revenue from the shipping and handling of its products as a component of revenue. Shipping and handling costs are recorded as a component of cost of sales.

Cash and Cash Equivalents, Policy [Policy Text Block]

1-6 Cash equivalents and short term investments

Cash equivalents are cash investments which are highly liquid and have initial maturities of 90 days or less.

Cash investments with a maturity higher than 90 days are considered as short-term investments.

Receivables, Policy [Policy Text Block]

1-7 Accounts Receivables

Inventory, Policy [Policy Text Block]

1-8 Inventories

Property, Plant and Equipment, Policy [Policy Text Block]

1-9 Property and equipment

	Leasehold improvements	10 years or lease term if shorter
	Equipment	3-10 years
	Furniture, fixtures, fittings and other	2-10 years

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

1-10 Long-lived assets

Goodwill and Intangible Assets, Policy [Policy Text Block]

1-11 Goodwill and intangible assets

Changes in market conditions could have a major impact on the valuation of these assets and could result in additional impairment losses.

Patents	5 years
Licenses	5 years
Trade name and trademark	7 years

Stockholders' Equity, Policy [Policy Text Block]

1-12

Treasury Stocks

Standard Product Warranty, Policy [Policy Text Block]

1-13 Warranty expenses

Income Tax, Policy [Policy Text Block]

1-14 Income taxes

Research, Development, and Computer Software, Policy [Policy Text Block]

1-15 Research and development costs

Advertising Costs, Policy [Policy Text Block]

1-16 Advertising costs

Advertising costs are recorded as an expense in the period in which they are incurred.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

1-17 Foreign currency translation and transactions

Translation of the financial statements of consolidated companies

•

assets and liabilities are translated at year-end exchange rates;

•

shareholders’ equity is translated at historical exchange rates (as of the date of contribution);

•

statement of income items are translated at average exchange rates for the year; and

•

translation gains and losses are recorded in a separate component of shareholders’ equity.

Foreign currencies transactions

Earnings Per Share, Policy [Policy Text Block]

1-18 Earnings per share

Derivatives, Policy [Policy Text Block]

1-19 Derivative instruments

Gains and losses from derivative instruments are recorded in the income statement.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

20 Employee stock option plans

The fair value of each stock option granted during the year is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:

	06-30-2016			12-31-2015 (1)
Weighted-average expected life (years)		6.25			—
Expected volatility rates		60.6	%		—
Expected dividend yield		—			—
Risk-free interest rate		0.01	%		—
Weighted-average exercise price (€)		3.22			—
Weighted-average fair value of options granted during the year (€)		1.67			—

(1) The Company did not make any grants during the years ended December 31, 2015.

Debt, Policy [Policy Text Block]

1-21 Warrants

The Company used the Black-Scholes pricing model to value the March 2012 Warrants at inception, with changes in fair value recorded as a financial expense or income.

The Company used the Black-Scholes pricing model to value the May 2013 Warrants at inception, with changes in fair value recorded as a financial expense or income.

The Company used the Black-Scholes pricing model to value the April 2016 Warrants at inception, with changes in fair value recorded as a financial expense or income.

Lease, Policy [Policy Text Block]

1-22 Leases and Sales and leaseback transactions

Ownership is transferred to the lessee by the end of the lease term;

The lease contains a bargain purchase option;

The lease term is at least 75% of the property's estimated remaining economic life;

The present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date.

For sales type leases, the following two additional criteria are applied:

Collectability of the minimum lease payment is reasonably predictable;

No important uncertainties surround the amount of un-reimbursable costs yet to be incurred by the lessor under the lease.

Note 1 - Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2016

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	06-30-2016			12-31-2015 (1)
Weighted-average expected life (years)		6.25			—
Expected volatility rates		60.6	%		—
Expected dividend yield		—			—
Risk-free interest rate		0.01	%		—
Weighted-average exercise price (€)		3.22			—
Weighted-average fair value of options granted during the year (€)		1.67			—

Note 2 - Cash, Cash Equivalents and Short Term Investments (Tables)

6 Months Ended

Jun. 30, 2016

Schedule of Cash and Cash Equivalents [Table Text Block]

	06-30-2016		12-31-2015
Total cash and cash equivalents		20,940		13,578
Short term investments		1,000		1,000
Total cash and cash equivalent and short term investments		21,940		14,578

Note 3 - Inventories (Tables)

6 Months Ended

Jun. 30, 2016

Schedule of Inventory, Current [Table Text Block]

	06-30-2016			12-31-2015
Components, spare parts		4,345			4,085
Work-in-progress		1,706			676
Finished goods		2,653			2,118
Total gross inventories		8,704			6,879
Less: provision for slow-moving inventory		(773	)		(728	)
Total		7,932			6,151

Note 4 - Short-term Borrowings (Tables)

6 Months Ended

Jun. 30, 2016

Schedule of Short-term Debt [Table Text Block]

‘000 Euros		Amount				Maturation				Interest rate
EDAP-TMS France SAS			1,000				November 19, 2015			Euribor + 0,7%

Note 6 - Long Term Debt, and Financial Instruments Carried at Fair Value (Tables)

6 Months Ended

Jun. 30, 2016

Schedule of Debt [Table Text Block]

	06-30-2016			12-31-2015
Japanese yen term loan		163			183
Germany term loan		398			443
Italy term loan		152			175
Malaysia term loan		-			1
Total long term debt		712			802
Less current portion		(220	)		(209	)
Total long-term portion		492			592

Schedule of Long-term Debt Instruments [Table Text Block]

	Initial Amount		Maturation		Interest rate
EDAP Technomed Co. Ltd		55,000,000		June 30, 2018		1.80	%
		10,000,000		June 30, 2018		2.10	%

	Amount		Maturation		Interest rate
EDAP Technomed Co. Ltd		55,000,000		June 30, 2018		1.80	%
		10,000,000		June 30, 2018		0.10	%

Schedule of Derivative Instruments [Table Text Block]

	06-30-2016			12-31-2015
Investor Warrants		4,608			4,205
Placement Agent Warrants		-			172
Total		4,608			4,377
Less current portion		(835	)		(172	)
Total long-term portion		3,774			4,205

Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]

2016			103
2017			1,056
2018			3,963
2019			117
2020			83
Total			5,320

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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-Name Accounting Standards Codification
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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Note 7 - Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2016

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]

	June 30, 2016					December 31, 2015					December 31, 2014
	Options			Weighted average exercise price (€)		Options			Weighted average exercise price (€)		Options			Weighted average exercise price (€)
Outstanding on January 1,		917,188			2.79		1,095,850			2.76		1,310,850			2.70
Granted		575,000			3.22		-			-		-			-
Exercised							(72,412	)		2.13		(750	)		3.99
Forfeited		(42,750	)		2.98		(106,250	)		2.88		(90,250	)		2.07
Expired							-			-		(124,000	)		2.60
Outstanding at the end of the period		1,449,438			2.96		917,188			2.79		1,095,850			2.76
Exercisable at the end of the period		702,438			3.02		724,688			3.03		784,600			3.09
Shares purchase options available for grant on at end of period		243,428					232,428					83,428

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]

	Outstanding options								Fully vested options (1)
Exercise price (€)	Options		Weighted average remaining contractual life		Weighted average exercise price (€)		Aggregate Intrinsic Value (2)		Options		Weighted average exercise price (€)		Aggregate Intrinsic Value (2)
3.99		347,838		1.3		3.99		-		347,838		3.99		-
2.38		127,100		4.0		2.38		76,427		127,100		2.38		76,427
3.22		562,000		9.8		3.22		-		-		3.22		-
1.91		362,500		6.5		1.91		388,352		270,000		1.91		289,260
1.88		50,000		4.0		1.88		55,066		50,000		1.88		55,066
1.88 to 3.99		1,449,438		6.4		2.96		519,846		794,938		2.89		420,753

Note 8 - Financial Income, Net (Tables)

6 Months Ended

Jun. 30, 2016

Interest Income and Interest Expense Disclosure [Table Text Block]

	6 months 2016			6 months 2015
Interest income		9			3
Interest expense		(27	)		(28	)
Warrants exercised or forfeited		174			66
Changes in fair value of the warrants		2,734			(1,385	)
Total		2,891			(1,344	)

Note 9 - Segment Information (Tables)

6 Months Ended

Jun. 30, 2016

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]

	6 months 2016			6 months 2015
Segment operating loss		388			(839	)
Interest income, net		2,891			(1,344	)
Foreign Currency exchange (losses) gains, net		671			303
Other income, net		-			(3	)
Income tax (expense) credit net		(91	)		(69	)
Consolidated net loss net		3,859			(1,953	)

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	HIFU Division			UDS Division			EDAP TMS Corporate			FDA		Total consolidated
6 months 2016
Sales of Goods (incl. consumables)		4,536			6,725			-			-		11,261
Sales of RPPs & Leases,		1,811			766			-			-		2,578
Sales of Spare Parts & Services		328			2,750			-			-		3,078
Total Net Sales		6,676			10,241			-			-		16,917
Other Revenues		6			2			-			-		8
Total Revenues		6,682			10,243			-			-		16,925
Gross Profit		4,081			3,672			-			-		7,753
Research & Development		(1,048	)		(653	)		-			-		(1,701	)
SG&A + Depreciation		(1,979	)		(2,996	)		(689	)		-		(5,664	)
Operating income (loss)		1,054			23			(689	)		-		388

	HIFU Division			UDS Division			EDAP TMS Corporate			FDA			Total consolidated
6 months 2015
Sales of Goods (incl. consumables)		2,318			6,785			-			-			9,103
Sales of RPPs & Leases,		1,297			822			-			-			2,119
Sales of Spare Parts & Services		333			2,497			-			-			2,830
Total Net Sales		3,948			10,104			-			-			14,052
Other Revenues		2			-			-			-			2
Total Revenues		3,950			10,104			-			-			14,054
Gross Profit		2,158			3,753			-			-			5,911
Research & Development		(745	)		(455	)		-			(312	)		(1,512	)
SG&A + Depreciation		(1,504	)		(3,014	)		(721	)		-			(5,238	)
Operating income (loss)		(91	)		284			(721	)		(312	)		(839	)

Note 1 - Summary of Significant Accounting Policies (Details Textual) - shares	1 Months Ended	6 Months Ended	12 Months Ended
	Apr. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2014
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	575,000	575,000	0
Leasehold Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life		10 years
Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life		10 years
Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life		3 years
Furniture, Fixtures, Fittings, and Other [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life		10 years
Furniture, Fixtures, Fittings, and Other [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life		2 years
Devices Leased Under RPPs and Devices Subject to Sale and Leaseback Transactions [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life		7 years
Maximum [Member]
Standard Product Warranty Period		2 years
Minimum [Member]
Standard Product Warranty Period		1 year
Patents [Member]
Finite-Lived Intangible Asset, Useful Life		5 years
Licensing Agreements [Member]
Finite-Lived Intangible Asset, Useful Life		5 years
Trademarks and Trade Names [Member]
Finite-Lived Intangible Asset, Useful Life		7 years
Maintenance Contracts, Useful Life		1 year

Note 1 - Fair Value Assumptions (Details) - € / shares

6 Months Ended

12 Months Ended

Jun. 30, 2016

Dec. 31, 2015

^[1]

Weighted-average expected life (years)

6 years 91 days

Expected volatility rates

60.60%

Expected dividend yield (in Euro per share)

Risk-free interest rate

0.01%

Weighted-average exercise price (€) (in Euro per share)

€ 3.22

Weighted-average fair value of options granted during the year (€) (in Euro per share)

€ 1.67

[1]	The Company did not make any grants during the years ended December 31, 2015.

Note 2 - Schedule of Cash, Cash Equivalents, and Short Term Investments (Details) - EUR (€) € in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Total cash and cash equivalents	€ 20,940	€ 13,578	€ 10,851	€ 11,142
Short term investments	1,000	1,000
Total cash and cash equivalent and short term investments	€ 21,940	€ 14,578

Loans Payable [Member] | GERMANY | High Intensity Focused Ultrasound (HIFU) Equipment [Member]

Cash includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the customer may deposit additional funds at any time and effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid Investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Short-term investments, exclusive of cash equivalents, generally consist of marketable securities intended to be sold within one year (or the normal operating cycle if longer) and may include trading securities, available-for-sale securities, or held-to-maturity securities (if maturing within one year), as applicable.

+ References + Details

Note 3 - Schedule of Inventories (Details) - EUR (€) € in Thousands	Jun. 30, 2016	Dec. 31, 2015
Components, spare parts	€ 4,345	€ 4,085
Work-in-progress	1,706	676
Finished goods	2,653	2,118
Total gross inventories	8,704	6,879
Less: provision for slow-moving inventory	(773)	(728)
Total	€ 7,932	€ 6,151

Note 4 - Short-term Borrowings (Details Textual) - EUR (€) € in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015
Factored Accounts Receivables [Member]
Short-term Debt	€ 1,096		€ 1,980
Loans Payable [Member]
Short-term Debt	1,000		€ 1,000
Short-term Debt	€ 1,096	€ 2,814

Note 4 - Schedule of Short Term Borrowings (Details) - EUR (€) € in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015
Loans Payable [Member]
Short-term Debt	€ 1,000		€ 1,000
Debt Instrument, Interest Rate, Stated Percentage	0.70%
Short-term Debt	€ 1,096	€ 2,814

Note 5 - Capital Lease Obligations (Details Textual) € in Thousands	Jun. 30, 2016 EUR (€)
Medical Devices [Member]
Capital Lease Obligations	€ 193
Vehicles [Member]
Capital Lease Obligations	€ 244

Note 6 - Long Term Debt, and Financial Instruments Carried at Fair Value (Details Textual)
$ / shares in Units, € in Thousands

6 Months Ended

12 Months Ended

51 Months Ended

Jun. 30, 2016

EUR (€)

$ / item

Apr. 14, 2016

EUR (€)

Apr. 14, 2016

USD ($)

$ / shares

$ / item

Dec. 31, 2015

EUR (€)

$ / item

May 28, 2013

EUR (€)

May 28, 2013

USD ($)

$ / shares

$ / item

Mar. 28, 2012

USD ($)

$ / shares

$ / item

Jun. 30, 2016

EUR (€)

$ / item

Dec. 31, 2015

EUR (€)

$ / item

Jun. 30, 2016

EUR (€)

$ / item

Jun. 30, 2016

USD ($)

Jun. 30, 2016

USD ($)

$ / shares

$ / item

Dec. 31, 2015

USD ($)

$ / shares

$ / item

Mar. 28, 2013

USD ($)

$ / shares

Debt Instrument, Collateral Amount | €

€ 450

Loans Payable [Member] | GERMANY | Accounts Receivables Pledged [Member]

Debt Instrument, Collateral Amount | €

391

Loans Payable [Member] | GERMANY

Debt Instrument, Face Amount | €

€ 450

Debt Instrument, Interest Rate, Stated Percentage

2.49%

Loans Payable [Member] | ITALY

Debt Instrument, Face Amount | €

€ 242

Debt Instrument, Interest Rate, Stated Percentage

4.50%

American Depository Shares (ADS) [Member] | Private Placement [Member] | March 2012 Investor Warrants [member] | Maximum [Member]

Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares

1,406,250

American Depository Shares (ADS) [Member] | Private Placement [Member] | March 2012 Investor Warrants [member]

Class of Warrant or Right, Exercise Price of Warrants or Rights

$ 2.75

American Depository Shares (ADS) [Member] | Private Placement [Member] | March 2012 Placement Agent Warrants [Member] | Rodman & Renshaw, LLC [Member]

Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares

168,750

Class of Warrant or Right, Exercise Price of Warrants or Rights

$ 2.50

American Depository Shares (ADS) [Member] | Private Placement [Member] | May 2013 Investor Warrants [Member]

Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares

1,500,000

Class of Warrant or Right, Exercise Price of Warrants or Rights

$ 4.25

American Depository Shares (ADS) [Member] | Private Placement [Member] | May 2013 Placement Agent Warrants [Member] | H.C. Wainwright & Co., LLC [Member]

Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares

180,000

Class of Warrant or Right, Exercise Price of Warrants or Rights

$ 5

American Depository Shares (ADS) [Member] | Private Placement [Member] | April 2016 Investor Warrants [Member] | Maximum [Member]

Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares

3,283,284

American Depository Shares (ADS) [Member] | Private Placement [Member] | April 2016 Investor Warrants [Member]

Class of Warrant or Right, Exercise Price of Warrants or Rights

$ 4.50

American Depository Shares (ADS) [Member] | Private Placement [Member] | Investor and Placement Agent Warrants Payable [Member]

American Depository Shares (ADS) [Member] | Private Placement [Member] | Additional Paid-in Capital [Member]

€ 3,168

$ 3,578,000

€ 2,950

$ 3,817,000

American Depository Shares (ADS) [Member] | Private Placement [Member]

€ 7,006

$ 7,913,000

€ 6,320

$ 8,183,000

Stock Issued During Period, Shares, New Issues | shares

3,283,284

3,000,000

2,812,500

Shares Issued, Price Per Share

$ 3.50

$ 4

$ 2

American Depository Shares (ADS) [Member] | Investor and Placement Agent Warrants Payable [Member]

€ 10,200

$ 11,500,000

€ 9,270

$ 12,000,000

American Depository Shares (ADS) [Member] | Additional Paid-in Capital [Member]

€ 1,821

$ 2,429,000

American Depository Shares (ADS) [Member]

2,393

3,196,000

March 2012 Investor Warrants [member] | Maximum [Member]

€ 4,214

$ 5,625,000

Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares

1,406,250

March 2012 Investor Warrants [member]

Derivative, Price Risk Option Strike Price | $ / item

$ 1.95

$ 3.31

$ 4.13

2.75

Fair Value Assumptions, Risk Free Interest Rate, Effective Period

5 years

0.00%

1.05%

60.00%

70.00%

120.00%

0.00%

$ 1.55

$ 0.94

$ 1.86

March 2012 Placement Agent Warrants [Member] | Maximum [Member]

$ 2,173,000

$ 927,000

$ 1,840,000

Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares

168,750

March 2012 Placement Agent Warrants [Member]

Derivative, Price Risk Option Strike Price | $ / item

$ 1.95

$ 4.13

2.5

Fair Value Assumptions, Risk Free Interest Rate, Effective Period

4 years 182 days

0.00%

0.92%

70.00%

120.00%

0.00%

$ 1.87

$ 1.52

March 2012 Warrants [Member] | Maximum [Member]

$ 0

$ 107,000

$ 256,000

Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares

1,575,000

May 2013 Investor Warrants [Member]

Derivative, Price Risk Option Strike Price | $ / item

$ 3.96

$ 3.31

$ 4.13

4.25

Fair Value Assumptions, Risk Free Interest Rate, Effective Period

5 years 182 days

0.00%

1.07%

60.20%

70.00%

71.00%

0.00%

$ 2.35

$ 0.94

$ 1.82

May 2013 Placement Agent Warrants [Member]

$ 3,525,000

$ 1,404,000

$ 2,737,000

Derivative, Price Risk Option Strike Price | $ / item

$ 3.96

$ 4.13

Fair Value Assumptions, Risk Free Interest Rate, Effective Period

3 years

0.00%

0.36%

70.00%

72.00%

0.00%

$ 1.62

$ 0.44

April 2016 Investor Warrants [Member]

$ 292,000

$ 0

$ 80,000

Derivative, Price Risk Option Strike Price | $ / item

$ 3.64

$ 3.31

4.5

Fair Value Assumptions, Risk Free Interest Rate, Effective Period

2 years 182 days

0.00%

60.20%

0.00%

$ 1.09

$ 0.85

$ 3,579,000

$ 2,785,000

0.01%

^[1]

60.60%

^[1]

[1]	The Company did not make any grants during the years ended December 31, 2015.

Note 6 - Schedule of Long Term Debt (Details) - EUR (€) € in Thousands	Jun. 30, 2016	Dec. 31, 2015
JAPAN
Long term debt	€ 163	€ 183
GERMANY
Long term debt	398	443
ITALY
Long term debt	152	175
Malaysia [Member]
Long term debt		1
Long term debt	712	802
Less current portion	(220)	(209)
Total long-term portion	€ 492	€ 592

Note 6 - Long Term Debt, Japan (Details) - JAPAN - EDAP Technomed Co Ltd. [Member] - JPY (¥)	Jun. 30, 2016	Dec. 31, 2015
Loan Four [Member]
Debt Instrument, Face Amount	¥ 55,000,000
Debt Instrument, Interest Rate, Stated Percentage	1.80%
Loan Two [Member]
Debt Instrument, Face Amount		¥ 55,000,000
Debt Instrument, Interest Rate, Stated Percentage		1.80%
Loan Three [Member]
Debt Instrument, Face Amount	¥ 10,000,000
Debt Instrument, Interest Rate, Stated Percentage	2.10%
Loan One [Member]
Debt Instrument, Face Amount		¥ 10,000,000
Debt Instrument, Interest Rate, Stated Percentage		0.10%

Note 6 - Schedule of Financial Instruments Carried at Fair Value (Details) - EUR (€) € in Thousands	Jun. 30, 2016	Dec. 31, 2015
Investor Warrants [Member]
Derivative Liability	€ 4,608	€ 4,205
Placement Agent Warrants [Member]
Derivative Liability		172
Warrant [Member]
Derivative Liability	4,608	4,377
Less current portion	(835)	(172)
Total long-term portion	3,774	4,205
Less current portion	(835)	(172)
Total long-term portion	€ 3,774	€ 4,205

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References + Details

Note 6 - Schedule Of Long-term Debt and Financial Instruments Maturities (Details) € in Thousands	Jun. 30, 2016 EUR (€)
2016	€ 103
2017	1,056
2018	3,963
2019	117
2020	83
Total	€ 5,320

Note 7 - Shareholders' Equity (Details Textual) - EUR (€) € / shares in Units, € in Thousands					1 Months Ended	2 Months Ended	5 Months Ended	6 Months Ended	12 Months Ended
	Apr. 26, 2016	Jan. 18, 2013	Jun. 25, 2010	Oct. 29, 2007	Apr. 30, 2016	Jul. 31, 2001	Dec. 31, 1998	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2014	Feb. 18, 2016	Jun. 30, 2015	Dec. 31, 2013	Dec. 19, 2012	Jun. 24, 2010	May 22, 2007
Treasury Stock, Held for Purchase for Option Holder Exercises [Member]
Treasury Stock, Shares								127,100
Treasury Stock, Reissuance Price Per Share								€ 2.38
Employee Stock Option [Member] \| The 2007 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized																600,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			95,912	504,088
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number												440,500
Employee Stock Option [Member] \| The 2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized															229,100
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			229,100
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number												149,100
Employee Stock Option [Member] \| The 2012 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized														500,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		500,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number												400,000
Employee Stock Option [Member] \| The 2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized											1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	575,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number								562,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross					575,000			575,000	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number								1,449,438	917,188	1,095,850			1,310,850
The 2007 Plan [Member]
Common Stock, Shares Subscribed but Unissued																600,000
Options to Purchase Treasury Shares or To Subscribe New Shares [Member]
Shares Issued, Price Per Share								€ 3.31
The 2010 Plan [Member]
Common Stock, Shares Subscribed but Unissued															229,100
The 2012 Plan [Member]
Common Stock, Shares Subscribed but Unissued														500,000
The 2016 Plan [Member]
Common Stock, Shares Subscribed but Unissued											1,000,000
Common Stock, Shares, Issued								29,098,144	25,753,989
Common Stock, Par or Stated Value Per Share								€ 0.13	€ 0.13
Common Stock, Shares, Outstanding								28,727,616	25,383,461
Treasury Stock, Shares								370,528	370,528
Treasury Stock, Shares, Acquired						180,290	190,238
Treasury Stock, Value, Acquired, Par Value Method						€ 493	€ 649

Note 7 - Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) - Employee Stock Option [Member] - € / shares	1 Months Ended	6 Months Ended	12 Months Ended
	Apr. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2014
Outstanding - number (in shares)		917,188	1,095,850	1,310,850
Outstanding - Weighted average exercise price (in Euro per share)		€ 2.79	€ 2.76	€ 2.70
Granted - number (in shares)	575,000	575,000	0
Granted - Weighted average exercise price (in Euro per share)		€ 3.22
Exercised - number (in shares)			(72,412)	(750)
Exercised - Weighted average exercise price (in Euro per share)			€ 2.13	€ 3.99
Forfeited - number (in shares)		(42,750)	(106,250)	(90,250)
Forfeited - Weighted average exercise price (in Euro per share)		€ 2.98	€ 2.88	€ 2.07
Expired - number (in shares)				(124,000)
Expired - Weighted average exercise price (in Euro per share)				€ 2.60
Outstanding - number (in shares)		1,449,438	917,188	1,095,850
Outstanding - Weighted average exercise price (in Euro per share)		€ 2.96	€ 2.79	€ 2.76
Exercisable - number (in shares)		702,438	724,688	784,600
Exercisable - Weighted average exercise price (in Euro per share)		€ 3.02	€ 3.03	€ 3.09
Shares purchase options available for grant - number (in shares)		243,428	232,428	83,428

Note 7 - Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range (Details) - Options to Purchase Treasury Shares or To Subscribe New Shares [Member]

6 Months Ended

Jun. 30, 2016

EUR (€)

€ / shares

Range 1 [Member]

€ 3.99

Outstanding options - Weighted average remaining contractual life

347,838

1 year 109 days

Outstanding options - Weighted average exercise price (in Euro per share)

€ 3.99

Outstanding options - Aggregate intrinsic value | €

^[1]

Exercisable options - Weighted average exercise price (in Euro per share)

347,838

^[2]

€ 3.99

^[2]

Exercisable options - Aggregate intrinsic value | €

^[1],[2]

Range 2 [Member]

€ 2.38

Outstanding options - Weighted average remaining contractual life

127,100

4 years

Outstanding options - Weighted average exercise price (in Euro per share)

€ 2.38

Outstanding options - Aggregate intrinsic value | €

€ 76,427

^[1]

Exercisable options - Weighted average exercise price (in Euro per share)

127,100

^[2]

€ 2.38

^[2]

Exercisable options - Aggregate intrinsic value | €

€ 76,427

^[1],[2]

Range 3 [Member]

€ 3.22

Outstanding options - Weighted average remaining contractual life

562,000

9 years 292 days

Outstanding options - Weighted average exercise price (in Euro per share)

€ 3.22

Outstanding options - Aggregate intrinsic value | €

^[1]

Exercisable options - Weighted average exercise price (in Euro per share)

^[2]

€ 3.22

^[2]

Exercisable options - Aggregate intrinsic value | €

^[1],[2]

Range 4 [member]

€ 1.91

Outstanding options - Weighted average remaining contractual life

362,500

6 years 182 days

Outstanding options - Weighted average exercise price (in Euro per share)

€ 1.91

Outstanding options - Aggregate intrinsic value | €

€ 388,352

^[1]

Exercisable options - Weighted average exercise price (in Euro per share)

270,000

^[2]

€ 1.91

^[2]

Exercisable options - Aggregate intrinsic value | €

€ 289,260

^[1],[2]

Range 5 [Member]

€ 1.88

Outstanding options - Weighted average remaining contractual life

50,000

4 years

Outstanding options - Weighted average exercise price (in Euro per share)

€ 1.88

Outstanding options - Aggregate intrinsic value | €

€ 55,066

^[1]

Exercisable options - Weighted average exercise price (in Euro per share)

50,000

^[2]

€ 1.88

^[2]

Exercisable options - Aggregate intrinsic value | €

€ 55,066

^[1],[2]

Outstanding options - Weighted average remaining contractual life

1,449,438

6 years 146 days

Outstanding options - Weighted average exercise price (in Euro per share)

€ 2.96

Outstanding options - Aggregate intrinsic value | €

€ 519,846

^[1]