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LINES OF CREDIT | 12 Months Ended
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Dec. 31, 2019
LINES OF CREDIT |
NOTE 9 - LINES OF CREDIT | A summary of the Company’s lines of credit during the years ended December 31, 2019 and 2018 is presented below:
|  | 2019 |  |  | 2018 |
National |  | $ | 1,940,045 |  |  | $ | 766,575 |
Alpha |  |  | 810,947 |  |  |  | 461,178 |
Eurobank |  |  | - |  |  |  | 286,829 |
Total |  | $ | 2,750,992 |  |  | $ | 1,514,582 |
The line of credit with National Bank of Greece is being renewed annually with current interest rates of 6.00% and 4.35% on certain lines of credit. The maximum borrowing allowed was $1,684,050 and $1,374,720 at December 31, 2019 and 2018, respectively for the 6.00% line of credit. The maximum borrowing allowed was $1,122,700 at December 31, 2019 for the 4.35% lines of credit. The outstanding balance was $1,940,045 and $766,575 at December 31, 2019 and 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 $1,122,700 and $687,360 at December 31, 2019 and 2018, respectively. The outstanding balance was $810,947 and $461,179 at December 31, 2019 and 2018, respectively. The line of credit with Eurobank of Greece had an interest rate of 8.55% and a maximum borrowing allowed of $572,800 at December 31, 2018. The outstanding balance was $286,829 at December 31, 2018 and was paid back in full during the year ended December 31, 2019. Interest expense for the year ended December 31, 2019 and 2018, was $85,090 and $32,275, respectively. Under the 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 years ended December 31, 2019 and 2018, 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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