LINES OF CREDIT	9 Months Ended
Sep. 30, 2019
LINES OF CREDIT
NOTE 10 - LINES OF CREDIT	There are two lines of credit with National Bank of Greece which are being renewed annually with current interest rates of 6.00% and 4.35%. Th maximum borrowing allowance under the 6% line of credit was €1,500,000 ($1,635,750) and €1,200,000 ($1,374,720) at September 30, 2019 and December 31, 2018, respectively with outstanding balances of €856,908 ($934,458) and €699,147 ($766,576) at September 30, 2019 and December 31, 2018, respectively. The maximum borrowing allowance under the 4.35% line of credit was €1,000,000 ($1,090,500) and $0 at September 30, 2019 and December 31, 2018, respectively with outstanding balances of €883,861 ($963,850) and $0 at September 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 allowance was €1,000,000 ($1,090,500) and €600,000 ($687,360) at September 30, 2019 and December 31, 2018, respectively. The outstanding balance was €523,608 ($570,995) and €402,565 ($461,178) at September 30, 2019 and December 31, 2018, respectively. The line of credit with Eurobank of Greece was renewed annually at an interest rate of 8.55% through the year ended December 31, 2018. The maximum borrowing allowed was $572,800 at December 31, 2018. The outstanding balance was $286,829 at December 31, 2018. Interest expense for the nine months ended September 30, 2019 and 2018 was $85,394 and $0, respectively. 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 nine months ended September 30, 2019, the Company was in compliance with these ratios and covenants.

LINES OF CREDIT

9 Months Ended

Sep. 30, 2019

There are two lines of credit with National Bank of Greece which are being renewed annually with current interest rates of 6.00% and 4.35%. Th maximum borrowing allowance under the 6% line of credit was €1,500,000 ($1,635,750) and €1,200,000 ($1,374,720) at September 30, 2019 and December 31, 2018, respectively with outstanding balances of €856,908 ($934,458) and €699,147 ($766,576) at September 30, 2019 and December 31, 2018, respectively. The maximum borrowing allowance under the 4.35% line of credit was €1,000,000 ($1,090,500) and $0 at September 30, 2019 and December 31, 2018, respectively with outstanding balances of €883,861 ($963,850) and $0 at September 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 allowance was €1,000,000 ($1,090,500) and €600,000 ($687,360) at September 30, 2019 and December 31, 2018, respectively. The outstanding balance was €523,608 ($570,995) and €402,565 ($461,178) at September 30, 2019 and December 31, 2018, respectively.

The line of credit with Eurobank of Greece was renewed annually at an interest rate of 8.55% through the year ended December 31, 2018. The maximum borrowing allowed was $572,800 at December 31, 2018. The outstanding balance was $286,829 at December 31, 2018.

Interest expense for the nine months ended September 30, 2019 and 2018 was $85,394 and $0, respectively.

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 nine months ended September 30, 2019, the Company was in compliance with these ratios and covenants.