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RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2016
Notes to Financial Statements  
Note 4 - RELATED PARTY TRANSACTIONS

As of March 31, 2016, the Company has accounts payable of €223,373 ($253,647) to DOC Pharms S.A., this comprises over 10% of the Company's total payable balance.

 

As of March 31, 2016 the Company has accrued €4,595 ($5,217) in board of directors' fees and related taxes for Grigorios Siokas.

 

On December 29, 2014, the Company borrowed $3,000 from Dimitrios Goulielmos, the former Chief Executive Officer and a director of the Company. The loan was non-interest bearing and was repaid in full in January 2015.

  

During the year ended December 31, 2015, the Company borrowed €10,000 ($11,355) from Mr. Grigorios Siokas, Chief Executive Officer and €30,000 ($34,066) from Mr. Panagiotis Drakopoulos, former Director and former Chief Executive Officer, respectively. These loans have no formal agreements and bear no interest. During the three months ended March 31, 2016, €5,000 ($5,677) of the loan from Mr. Siokas was paid back. The aggregate outstanding balance under these notes was $39,744 as of March 31, 2016.

 

During the year ended December 31, 2015, the Company borrowed €4,500 ($5,110) from Mrs. Ourania Matsouki, wife of Mr. Grigorios Siokas, Chief Executive Officer. This loan has no formal agreement and bears no interest. This loan was paid back in full during the three months ended March 31, 2016.

 

In April 2015, the Company remitted $6,000 to Panagiotakis Drakopoulos, a former officer of the Company, in connection with the repayment of accrued and unpaid salary and the prior forgiveness and cancellation by Drakoupoulos of other amounts owed by the Company.

 

On November 4, 2015, Mr. Dimitrios Goulielmos (the "Seller") and Mr. Grigorios Siokas (the "Buyer") entered into a stock purchase agreement, whereby Mr. Goulielmos sold 95,000,000 shares of common stock to Mr. Siokas for $1.00. As part of the agreement, the Seller forgave and released the Company and the Company's subsidiary from all claims except for the repayment of €200,000 that was loaned by the Seller to SkyPharm. In exchange, the Buyer pledged to pay various obligations of the Company as listed in the Annex of the agreement as follows: $16,357 to Malone Bailey, $3,000 in accounting fees, $2,400 to Terzis, the Amplerissimo tax liability of €817,811 and various other obligations estimated between $5,000 and $10,000 (collectively the "Vendor Bills"). As of March 31, 2016, the Buyer has not paid any of the Vendor Bills. Notwithstanding the non-payment of the Vendor Bills, in connection with the sale of common stock to Mr. Siokas, on February 26, 2016, Dimitrios Goulielmos resigned from his positions as Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO") of Cosmos Holdings, Inc. (the "Company") but retained his position as a director on the Board of Directors. The Board of Directors appointed Grigorios Siokas to the offices of CEO and CFO and elected him to fill a vacancy and serve on the Board of Directors and as the Chairman of the Board.

 

Grigorious Siokas, the Chief Executive Officer and Director of the Company entered into the following transactions to purchase shares of Common Stock of the Company:

 

Seller   Date   Amount of
Shares		     Aggregate
Purchase Price		  
                 
Vasileios Mavrogiannis   January 8, 2016     2,650,000     $ 1.00  
Vasileios Mavrogiannis   January 8, 2016     1,666.666     $ 1.00  
Panagiotis Drakopoulos   January 8, 2016     2,400,000     $ 1.00  
Panagiotis Drakopoulos   January 11, 2016     2,000,000     $ 1.00  

 

None of the proceeds of these sales were paid to the Company.

 

On November 1, 2015, the Company entered into a €12,000 ($13,626) Loan Agreement with DOC Pharma S.A, pursuant to which DOC Pharma S.A., paid existing bills of the Company in the amount of €12,000, excluding the Vendor Bills. The loan will bear an interest rate of 2% per annum and will be due and payable in full on October 31, 2016. The outstanding balance under this note was $13,626 as of March 31, 2016.

 

On March 04, 2015, the Company entered into a $9,000 Loan Agreement with Mr. Angelos Drakopoulos, pursuant to which the Mr. Drakopoulos paid a $9,000 outstanding bill on behalf of the Company. The loan will bear an interest rate of 8% per annum and will be due and payable in full on May 5, 2016. The outstanding balance under this note was $9,000 as of March 31, 2016.

 

On November 16, 2015, the Company entered into a Loan Agreement with Pangagiotis Drakopoulos, shareholder and former Chairman and Principal Executive officer, pursuant to which the Company borrowed €40,000 ($45,421) from Mr. Drakououlos. The loan will bear an interest rate of 6% per annum and is due and payable in full on November 15, 2016. The Company has accrued interest expense of €902 ($1,024) as of March 31, 2016. The outstanding balance under this note was $45,421 as of March 31, 2016.

 

On November 21, 2014, SkyPharm entered into a Loan Agreement with Dimitrios Goulielmos, the Chief Executive Officer and a director of the Company, pursuant to which the Borrower borrowed €330,000 ($374,725) from Mr. Goulielmos. The Loan will bear an interest rate of 2% per annum and will be due and payable in full on May 11, 2015. On November 4, 2015, €130,000 ($147,619) in principal and the related accrued interest of €733 ($806) was forgiven and the remaining balance of €200,000 will no longer accrue interest as part of the stock purchase agreement on November 4, 2015. On March 21, 2016, €5,000 ($5,678) of the loan was paid back. As of March 31, 2016, a principal balance of €195,000 ($221,428) and €0.00 of accrued interest remains.