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Subsequent Events
6 Months Ended
Jun. 30, 2011
Subsequent Events  
Subsequent Events

NOTE 13 - SUBSEQUENT EVENTS

 

                As previously disclosed in our 10-Q filed for the period ended March 31, 2011, we entered into private placement subscription agreements with Mr. Luo for the purchase of ZAP's common stock for the aggregate purchase price of $7 million, of which we received $2 million as of the quarter ended March 31, 2001.  The private place subscription agreements were superseded and terminated by a stock purchase agreement with Mr. Luo in August 2011 for the purchase of ZAP's common stock for an aggregate purchase price of $2 million in multiple closings.  To date, we have received approximately $771,000 pursuant to the stock purchase agreement. The parties have not confirmed the share price of the stock to be issued.