**Exhibit        10.1**

**COMMON        STOCK PURCHASE AGREEMENT**

**THIS        COMMON STOCK PURCHASE AGREEMENT**
**Agreement**
**Company**
**Investor**

**Securities Act**
**Regulation S**

**Co-Investment Agreements**
**Co-Investors**

| 1.   | Purchase                  and Sale of Stock. |
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| 1.1.   | Sale                  and Issuance of Common Stock. Subject to the terms and conditions of                  this Agreement, the Investor agrees to purchase at the Closing,                  and the                  Company agrees to sell and issue to the Investor at the Closing,                  $ 50,000                  of shares of the Company's common stock (the “**Common                  Stock**”) at a price 30 percent (thirty %) below the average                  closing price of the Common Stock as reported on the OTC Bulletin                  Board                  for the five (5) days preceding the date of approval of this Agreement                  by                  the Company’s Board of Directors. This approval has been granted on August                  22, 2007. |
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| 1.2.   | Purchase                  Price. The parties anticipate that all or a portion of the Purchase                  Price will be paid to the Company within seven (7) days of the                  date of                  this Agreement (the “**Payment Date**”); provided, that if                  all of the Purchase Price is not paid at the Payment Date, the                  remaining                  portion of the Purchase Price shall be paid on or before November                  30, in                  one or more installments, together with interest thereon at the                  rate of 8%                  per annum for the period of delay. Any portion of the Purchase                  Price paid                  before the Closing shall be paid as a deposit pending the Closing                  and                  shall be returned to the Investor, without interest, if the Closing                  has                  not occurred within hundred twenty (120) days of the date hereof                  (unless                  such date is extended by agreement of the Investor). All payments                  of the                  Purchase Price shall be made by wire transfer to the following                  account: |
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| 1.3.   | Closing.                  The purchase and sale of the Shares shall be consummated (the                  “**Closing**”) as soon as practicable following the later                  to                  occur of the following events: |
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| (i)   | approval                  of this Agreement and the other Co-Investment Agreements by the                  Board of                  Directors of the Company (without including the vote of any Investor                  that                  serves as a Director); |
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| (ii)   | the                  filing of amended and restated articles of incorporation by the                  Company to                  increase the number of shares of authorized Common Stock (the                  “**Amended                  Articles**”). |
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| 1.4.   | Delivery.                  Within ten (10) business days of the Closing, the Company will                  deliver to                  the Investor a certificate or certificates, registered in Investor's                  name,                  representing the Shares purchased by Investor hereunder, against                  payment                  of the purchase price therefore. |
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| 2.   | Representations                  and Warranties of the Company. The Company hereby represents and                  warrants to the Investor as                  follows: |
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| 2.1.   | Organization                  and Standing; Articles and By-Laws; The Company is a corporation duly                  organized and existing under, and by virtue of, the laws of the                  State of                  Delaware and is in good standing under such laws. The Company has                  the                  requisite corporate power and authority to own and operate its                  properties                  and assets, and to carry on its business as presently conducted                  and as                  proposed to be conducted. |
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| 2.2.   | Capitalization.                  The authorized capital stock of the Company consists of 255,000,000                  shares                  of Capital Stock, of which 250,000,000 are common stock and 5,000,000                  are                  preferred stock. As of June 30, 2007 (the most recent record date                  of the                  company), 238,265,927 shares of Common Stock are issued and outstanding                  and zero (0) shares of preferred are issued and outstanding. No                  capital                  stock of the Company has been authorized or issued since the most                  recent                  record date. The outstanding shares have been duly authorized and                  validly                  issued, and are fully paid and nonassessable. All outstanding securities                  were issued in compliance with applicable federal or state securities                  laws. |
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| 2.3.   | Authorization.                  All corporate action on the part of the Company and its directors                  necessary for the authorization, execution, delivery and performance                  of                  this Agreement by the Company, the authorization, sale, issuance                  and                  delivery of the Shares and the performance of all of the Company's                  obligations hereunder has been taken or will be taken on or before                  August                  25, 2007. If board approval for the financing is not received on                  or before                  August 25, 2007, this Agreement shall forthwith terminate and cease                  to                  have any further force and effect and neither party shall have                  any further                  obligation to the other. This Agreement, when executed and delivered                  by                  the Company and approved by the Board of Directors, shall constitute                  a                  valid and binding obligation of the Company, enforceable in accordance                  with its terms. The Shares, when issued by the Company in compliance                  with                  the provisions of this Agreement, will be validly issued, fully                  paid and                  nonassessable, and free of any liens or encumbrances, other than                  any liens                  and encumbrances created by or imposed upon the holders thereof                  through no                  action of the Company; provided however, the Shares are subject                  to certain                  restrictions on transfer under this Agreement and under applicable                  state                  and federal securities laws. |
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| 2.4.   | Private                  Sale. Subject in part to the truth and accuracy of the Investor’s                  representations and warranties set forth in Section 3 below, the                  offer and                  sale of the Shares will not require registration or qualification                  with the                  U.S. Securities and Exchange Commission (the “SEC) under the Securities                  Act of 1933, as amended, pursuant to Regulation S promulgated thereunder,                  and neither the Company nor any authorized agent acting on its                  behalf will                  take any action hereinafter that would cause the loss of such                  exemption. |
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| 2.5.   | Delivery                  of SEC Filings. The Company has made available to the Investor through                  the EDGAR system, true and complete copies of the Company’s most recent                  Annual Report on Form 10-KSB for the fiscal year ended December                  31, 2006                  (the “10-KSB”) and all other reports filed by the Company pursuant to the                  Securities Exchange Act of 1934, as amended (the “**Exchange                  Act**”) since the filing of the 10-KSB and prior to the date                  hereof                  (collectively, the “**SEC Filings**”). The SEC Filings are                  the only filings required of the Company pursuant to the Exchange                  Act for                  such period. The Company and its Subsidiaries are engaged in all                  material                  respects only in the business described in the SEC Filings and                  the SEC                  Filings contain a complete and accurate description in all material                  respects of the business of the Company and its Subsidiaries, taken                  as a                  whole. |
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| 2.6.   | Information                  Statement. The parties acknowledge that the holders of a majority of                  the Company’s Common Stock have approved the Amended Articles by written                  consent in lieu of a meeting and a preliminary Schedule 14C information                  statement has been filed with the SEC with respect thereto, but                  such a                  final information statement has not been filed with the SEC. The                  Company                  shall use its best efforts to file such final information statement                  with                  the SEC as soon as practicable and to mail such information statement                  to                  the shareholders of the Company. The Company shall also use its                  best                  efforts to file the Amended Articles with the Secretary of State                  of the                  State of California as soon as                  possible. |
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| 3.   | Representations                  and Warranties of the Investor. The Investor hereby represents and                  warrants to and covenants with the Company                  that: |
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| 3.1.   | Binding                  Obligation. This Agreement, when executed and delivered by the                  Investor, shall constitute a valid and binding obligation of the                  Investor,                  enforceable in accordance with its terms. The entering into of                  this                  Agreement and the transactions contemplated hereby do not result                  in the                  violation of any of the terms and provisions of any law applicable                  to the                  Investor or of any agreement, written or oral, to which the Investor                  may                  be a party or by which the Investor is or may be bound.  The                  sale of the Share to the Investor as contemplated in this Agreement                  complies with or is exempt from the applicable securities legislation                  of                  the jurisdiction of residence of the                  Investor. |
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| 3.2.   | No                  Registration. The Investor acknowledges and agrees that the Shares                  will be offered and sold to the Investor without such offer and                  sale being                  registered under the Securities Act, or under any                  state securities or "blue sky" laws of any state of the U.S., and                  will be issued to the Investor in an offshore transaction outside                  of the                  United States in accordance with a safe harbour from the registration                  requirements of the Securities Act provided by Regulation S. As                  such, the                  Investor further acknowledges and agrees that the Shares will,                  upon                  issuance, be “restricted securities” within the meaning of the Securities                  Act. The Investor understands that the Shares may not be offered                  or sold                  in the U.S. or,                  directly or indirectly, to U.S. Persons, as that term is defined                  in Regulation                  S, except in accordance with                  the provisions of Regulation S, pursuant to an effective                  registration statement                  under the Securities Act, or pursuant to an exemption from, or                  in a transaction                  not subject to, the registration requirements of the Securities                  Act and                  in each case in accordance with applicable state and federal securities                  laws.. Neither the SEC nor any other securities commission or similar                  regulatory authority has reviewed or passed on the merits of the                  Shares.                  The statutory and regulatory basis for the exemption claimed for                  the offer                  of the Shares, although in technical compliance with                  Regulation S, would not be available if the offering is part of                  a plan or                  scheme to evade the registration provisions of the Securities Act                  or any                  applicable state and federal securities                  laws. |
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| 3.3.   | Investor                  Not a U.S. Person. The Investor is not a U.S. Person (as defined in                  Regulation S under the Securities Act). The Investor is not acquiring                  the                  Shares for the account or benefit of, directly or indirectly, any                  U.S.                  Person. |
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| 3.4.   | Purchase                  Entirely for Own Account. The Investor understands that the Company is                  making this Agreement with the Investor in reliance upon the Investor's                  representation to the Company, which by the Investor's execution                  of this                  Agreement the Investor hereby confirms, that the Investor is outside                  the                  United States when receiving and executing this Agreement and is                  acquiring                  the Shares as principal for the Investor's own account, not as                  a nominee                  or agent, and not with a view to the resale or distribution of                  any part                  thereof, and that the Investor has no present intention of selling,                  granting any participation in, or otherwise distributing the same.                  By                  executing this Agreement, the Investor further represents that                  the                  Investor does not have any contract, undertaking, agreement or                  arrangement                  with any person to sell, transfer or grant participations to such                  person                  or to any third person, with respect to any of the                  Shares. |
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| 3.5.   | No                  Underwriter. The Investor is not an underwriter of, or dealer in, the                  common shares of the Company, nor is the Investor participating,                  pursuant                  to a contractual agreement or otherwise, in the distribution of                  the                  Shares. |
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| 3.6.   | Investment                  Experience. The Investor acknowledges that it is able to fend for                  itself, can bear the economic risk of its investment and has such                  knowledge and experience in financial or business matters that                  it is                  capable of evaluating the merits and risks of the investment in                  the Shares                  and has the ability to bear the economic risks of its prospective                  investment and can afford the complete loss of such                  investment. |
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| 3.7.   | No                  Directed Selling Efforts. The Investor acknowledges that the Investor                  has not acquired the Shares as a result of, and will not itself                  engage in,                  any "directed selling efforts" (as defined in Regulation S                  under the Securities Act) in the U.S. in respect of the Shares                  which would                  include any activities undertaken for the purpose of, or that could                  reasonably be expected to have the effect of, conditioning the                  market in                  the U.S. for the resale of the Shares; provided, however, that                  the                  Investor may sell or otherwise dispose of the Shares pursuant to                  registration of the Shares pursuant to the Securities Act and any                  applicable state and federal securities laws or under an exemption                  from                  such registration requirements and as otherwise provided                  herein. |
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| 3.8.   | No                  General Solicitation. The Investor is not aware of any advertisement                  of any of the Shares and is not acquiring the Shares as a result                  of any                  form of general solicitation or general advertising including                  advertisements, articles, notices or other communications published                  in any                  newspaper, magazine or similar media or broadcast over radio or                  television, or any seminar or meeting whose attendees have been                  invited by                  general solicitation or general                  advertising. |
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| 3.9.   | Disclosure                  of Information.  The decision to execute this Agreement and                  acquire the Shares hereunder has not been based upon any oral or                  written                  representation as to fact or otherwise made by or on behalf of                  the                  Company, and such decision is based entirely upon a review of information                  (the receipt of which is hereby acknowledged) which has been filed                  by the                  Company with the SEC. The Investor and the Investor's advisor(s)                  have had                  a reasonable opportunity to ask questions of and receive answers                  from the                  Company in connection with the distribution of the Shares hereunder,                  and                  to obtain additional information, to the extent possessed or obtainable                  without unreasonable effort or expense, necessary to verify the                  accuracy                  of the information about the Company. The Investor acknowledges                  that it                  has had access to all the information it considers necessary or                  appropriate for deciding whether to purchase the Shares. Notwithstanding                  the Company’s representations set forth in Section 2.2 above, the Investor                  acknowledges that the Company is (1) concurrently negotiating with                  other                  prospective investors for the purchase and sale of additional shares                  of                  Common Stock and (2) preparing an Employee Compensation Plan pursuant                  to                  which the Company may issue additional shares of Common                  Stock. |
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| 3.10.   | U.S.                  Civil Remedies. The Investor is acquiring the Shares pursuant to an                  exemption from the registration and prospectus requirements of                  applicable                  securities legislation in all jurisdictions relevant to this subscription,                  and, as a consequence, the Investor will not be entitled to use                  most of                  the civil remedies available under applicable securities legislation                  and                  the Investor will not receive information that would otherwise                  be required                  to be provided to the Investor pursuant to applicable securities                  legislation. |
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| 3.11.   | No                  Other Representations. No person has made to the Investor any written                  or oral representations: |
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| 3.11.1.   | that                  any person will resell or repurchase any of the                  Shares; |
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| 3.11.2.   | that                  any person will refund the purchase price of any of the                  Shares; |
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| 3.11.3.   | as                  to the future price or value of any of the Shares;                  or |
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| 3.11.4.   | that                  any of the Shares will be listed and posted for trading on any                  stock                  exchange or automated dealer quotation system or that application                  has been                  made to list and post any of the Shares of the Company on any stock                  exchange or automated dealer quotation                  system. |
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| 3.12.   | No                  Registration Rights. Except as provided in this Agreement, the                  Investor acknowledges that the Company has not undertaken, and                  will have                  no obligation, to register any of the Shares under the Securities                  Act. |
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| 3.13.   | Indemnification.                  The Investor will indemnify and hold harmless the Company and,                  where                  applicable, its directors, officers, employees, agents, advisors                  and                  shareholders, from and against any and all loss, liability, claim,                  damage                  and expense whatsoever (including, but not limited to, any and                  all fees,                  costs and expenses whatsoever reasonably incurred in investigating,                  preparing or defending against any claim, lawsuit, administrative                  proceeding or investigation whether commenced or threatened) arising                  out                  of or based upon any representation or warranty of the Investor                  contained                  herein or in any document furnished by the Investor to the Company                  in                  connection herewith being untrue in any material respect or any                  breach or                  failure by the Investor to comply with any covenant or agreement                  made by                  the Investor to the Company in connection                  therewith. |
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| 3.14.   | OTC                  Bulletin Board. None of the Shares are listed on any stock exchange or                  automated dealer quotation system and no representation has been                  made to                  the Investor that any of the Shares will become listed on any stock                  exchange or automated dealer quotation system, except that currently                  market makers make a market for the Company's common shares on                  the NASD's                  OTC Bulletin Board. |
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| 3.15.   | Investor’s                  Advisors. The Investor has been advised to consult the Investor's own                  legal, tax and other advisors with respect to the merits and risks                  of an                  investment in the Units and with respect to applicable resale                  restrictions, and it is solely responsible (and the Company is                  not in any                  way responsible) for compliance                  with: |
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| 3.15.1.   | any                  applicable laws of the jurisdiction in which the Investor is resident                  in                  connection with the distribution of the Units hereunder,                  and |
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| 3.15.2.   | applicable                  resale restrictions; and |
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| 3.15.3.   | this                  Agreement is not enforceable by the Investor unless it has been                  accepted                  by the Company, and the Investor acknowledges and agrees that the                  Company                  reserves the right to reject any subscription for any                  reason. |
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| 3.16.   | Legends.                  The Investor acknowledges and agrees that all certificates representing                  the Shares will be endorsed with the following legend, or such                  similar                  legend as deemed advisable by legal counsel for the Purchaser,                  to ensure                  compliance with Regulation S and to reflect the status of the Shares                  as                  restricted securities: |
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| 3.16.1.   | “THE                  SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED                  UNDER                  THE SECURITIES ACT OF 1933 (THE "ACT"), AND HAVE BEEN ISSUED IN                  RELIANCE                  UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT                  PROVIDED                  BY REGULATION S PROMULGATED UNDER THE ACT. SUCH SECURITIES MAY                  NOT BE                  REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN                  ACCORDANCE                  WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION                  UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION                  UNDER THE ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY                  NOT BE                  CONDUCTED UNLESS IN COMPLIANCE WITH THE                  ACT. |
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| 3.16.2.   | Any                  legend required by the laws of any State, including any legend                  required by                  the California Department of Corporations and Sections 417 and                  418 of the                  California Corporations Code. |
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| 3.17.   | Prohibited                  Transactions. During the last thirty (30) days prior to the date                  hereof, neither Investor nor any Affiliate of Investor which (x)                  had                  knowledge of the transactions contemplated hereby, (y) has or shares                  discretion relating to Investor’s investments or trading or information                  concerning Investor’s investments, including in respect of the Shares, or                  (z) is subject to Investor’s review or input concerning such Affiliate’s                  investments or trading (collectively, “**Trading                  Affiliates**”) has, directly or indirectly, effected or agreed to                  effect any short sale, whether or not against the box, established                  any                  “put equivalent position” (as defined in Rule 16a-1(h) under the Exchange                  Act) with respect to the Common Stock, granted any other right                  (including,                  without limitation, any put or call option) with respect to the                  Common                  Stock or with respect to any security that includes, relates to                  or derived                  any significant part of its value from the Common Stock or otherwise                  sought to hedge its position in the Shares or sold any Common Stock                  (each,                  a “**Prohibited Transaction**”). At no time prior to the                  termination of this Agreement, shall Investor or its Trading Affiliates                  engage, directly or indirectly, in a Prohibited                  Transaction. |
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| 3.18.   | No                  Pre-Emptive Rights. The Investor acknowledges and agrees that the                  Shares will not be subject to any anti-dilution rights, pre-emptive                  rights, rights of first refusal, co-sale, tag-along or similar                  rights. |
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| 3.19.   | Lock-Up                  Agreement.  As an inducement to the Company to enter into                  this Agreement and to sell the Shares hereby, the Investor hereby                  agrees                  that until the first anniversary of the date hereof, the Investor                  will not                  offer, sell, contract to sell, pledge or otherwise dispose of,                  directly or                  indirectly, any of the Shares (including any securities issued                  with                  respect to the Shares in stock dividends, stock splits, recapitalizations                  or other similar events), or enter into a transaction which would                  have the                  same effect, or publicly disclose the intention to make any such                  offer,                  sale, pledge or disposal without the prior unanimous written consent                  of                  the Board of Directors of the Company.  In furtherance of the                  foregoing, the Company and its transfer agent and registrar are                  hereby                  authorized to decline to make any transfer of the Shares (including                  any                  securities issued with respect to the Shares in stock dividends,                  stock                  splits, recapitalizations or other similar events) if such transfer                  would                  constitute a violation or breach of this                  Agreement. |
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| 4.   | Miscellaneous. |
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| 4.1.   | Survival                  of Warranties. The warranties, representations and covenants of the                  Company and the Investor contained in or made pursuant to this                  Agreement                  shall survive the execution and delivery of this Agreement and                  the                  Closing. |
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| 4.2.   | Successors                  and Assigns. Except as otherwise provided herein, the terms and                  conditions of this Agreement shall inure to the benefit of and                  be binding                  upon the respective successors and assigns of the parties (including                  transferees of any Shares sold hereunder). Nothing in this Agreement,                  express or implied, is intended to confer upon any party other                  than the                  parties hereto or their respective successors and assigns any rights,                  remedies, obligations, or liabilities under or by reason of this                  Agreement, except as expressly provided in this                  Agreement. |
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| 4.3.   | Governing                  Law; Venue. This Agreement is being delivered and shall be construed                  and enforced in accordance with and governed by the laws of California                  applicable to contracts which are wholly executed, written and                  performed                  within California. By execution and delivery of this Agreement,                  the                  parties agree and accept that any legal action or proceeding brought                  with                  respect to this Agreement shall be brought in the court of appropriate                  jurisdiction in and for the County of San Francisco, State of California,                  and the parties expressly waive any objection to personal jurisdiction,                  venue or forum non conveniens. |
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| 4.4.   | Counterparts.                  This Agreement may be executed in two or more counterparts, each                  of which                  shall be deemed an original, but all of which together shall constitute                  one and the same instrument. |
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| 4.5.   | Titles                  and Subtitles. The titles and subtitles used in this Agreement are                  used for convenience only and are not to be considered in construing                  or                  interpreting this Agreement. |
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| 4.6.   | Notices.                  Unless otherwise provided, any notice required or permitted under                  this                  Agreement shall be given in writing and shall be deemed effectively                  given                  upon personal delivery to the party to be notified or on three                  (3) days                  after the date of deposit with the United States Post Office, by                  registered or certified mail, postage prepaid and addressed to                  the Company                  at the above address or to the Investor at the address indicated                  on the                  signature page hereof, or at such other address as the Investor                  may                  designate by written notice to the                  Company. |
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| 4.7.   | Litigation.                  If any action at law or in equity is necessary to enforce or interpret                  the                  terms of this Agreement, the prevailing party shall be entitled                  to                  reasonable attorney's fees, costs and necessary disbursements in                  addition                  to any other relief to which such party may be                  entitled. |
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| 4.8.   | Amendments                  and Waivers. Any term of this Agreement may be amended and the                  observance of any term of this Agreement may be waived (either                  generally                  or in a particular instance and either retroactively or prospectively),                  only with the written consent of the waiving party. Any amendment                  or                  waiver affected in accordance with this paragraph shall be binding                  upon                  each holder of any Common Stock purchased under this Agreement                  at the time                  outstanding, each future holder of all such Common Stock, and the                  Company. |
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| 4.9.   | Severability.                  If one or more provisions of this Agreement are held to be unenforceable                  under applicable law, such provision shall be excluded from this                  Agreement                  and the balance of the Agreement shall be interpreted as if such                  provision                  were so excluded and shall be enforceable in accordance with its                  terms. |
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| 4.10.   | Complete                  Agreement. This Agreement constitutes the entire agreement between the                  parties hereto with respect to the subject matter hereof and supersedes                  all prior agreements and understandings by and between the Investor                  and                  the Company. |
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| “COMPANY”                                |
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| Elephant                  Talk Communications, Inc., |
| a                  California corporation            |
|                                                 |   |
| By:                                                  |   |
|                                                 | Steven                  van der Velden, CEO |

**THE        UNDERSIGNED PURCHASER UNDERSTANDS THAT AN INVESTMENT IN THE STOCK OF THE        COMPANY        IS SPECULATIVE IN NATURE AND INVOLVES A HIGH DEGREE OF RISK. PURCHASER        UNDERSTANDS AND HAS CAREFULLY CONSIDERED THE RISKS INVOLVED IN AN INVESTMENT        IN        THE STOCK OF THE COMPANY, AND CAN WITHSTAND THE TOTAL LOSS OF THE        INVESTMENT.**

| “INVESTOR” |
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