Subsequent Events

12 Months Ended

Dec. 31, 2011

Subsequent Events [Abstract]

Subsequent Events

NOTE 20 – SUBSEQUENT EVENTS

     On January 12, 2011, ZAP entered into a Senior Secured Convertible Promissory Note with China Electric Vehicle Corporation pursuant to which ZAP borrowed $19,000,000. On December 19, 2011, ZAP entered into an amendment to the note which extended the maturity date of the note from February 12, 2012 to August 12, 2012. On March 22, 2012, ZAP entered into an amendment to the note which extended the maturity date of the note from August 12, 2012 to August 12, 2013. This amendment adjusted the rate at which the note would convert into shares of ZAP Common Stock or shares of capital stock of Zheijiang Jonway Automobile, Co. Ltd. held by ZAP. In addition, the warrant issued in connection with the CEVC note was amended to change the terms of conversion and to extend the maturity date until February 12, 2014. The interest accrued through the maturity date of February 12, 2012 in the amount of $1.5 million has been added to the existing principal. The total amount of the convertible note is approximately $20.5 million with a new maturity date of August 12, 2013.