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LINES OF CREDIT | 6 Months Ended
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Jun. 30, 2019
Notes to Financial Statements |
NOTE 10 - LINES OF CREDIT | The line of credit with National Bank of Greece is being renewed annually with a current interest rate of 6.00%. The maximum borrowing allowed was $1,933,580 and $1,374,720 at June 30, 2019 and December 31, 2018, respectively. The outstanding balance was $1,946,990 and $766,575 at June 30, 2019 and December 31, 2018, respectively. The line of credit with Alpha Bank of Greece is renewed annually with a current interest rate of 6.00%. The maximum borrowing allowed was $682,440 and $687,360 at June 30, 2019 and December 31, 2018, respectively. The outstanding balance was $664,636 and $461,179 at June 30, 2019 and December 31, 2018, respectively. Interest expense for the six months ended June 30, 2019 and 2018 was $125,466. Under the above agreements, the Company is required to maintain certain financial ratios and covenants. These lines of credit were assumed in the Company’s acquisition of Cosmofarm. During the six months ended June 30, 2019, the Company was in compliance with these ratios and covenants.

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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