A summary of the Company’s lines of credit as of March 31, 2020 and December 31, 2019 is presented below:

	March 31, 2020		December 31, 2019
National	$	2,629,327	$	1,940,045
Alpha		805,678		810,947
Eurobank		-		-
Total	$	3,435,005	$	2,750,992

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 $1,651,950 and $1,684,050 at March 31, 2020 and December 31, 2019, respectively for the 6.00% line of credit. The maximum borrowing allowed was $1,101,300 and $1,122,700 at March 31, 2020 and December 31, 2019, respectively, for the 4.35% lines of credit. The outstanding balance was $2,629,327 and $1,940,045 at March 31, 2020 and December 31, 2019, 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 $1,101,300 and $1,122,700 at March 31, 2020 and December 31, 2019, respectively. The outstanding balance was $805,678 and $810,947 at March 31, 2020 and December 31, 2019, respectively.

Interest expense for the three months ended March 31, 2020 and 2019, was $17,673 and $45,174, 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 three months ended March 31, 2020 and 2019, the Company was in compliance with these ratios and covenants.