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LINES OF CREDIT | 6 Months Ended
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Jun. 30, 2020
LINES OF CREDIT |
NOTE 9 - LINES OF CREDIT | A summary of the Company’s lines of credit as of June 30, 2020 and December 31, 2019 is presented below:
|  | June 30, 2020 |  |  | December 31, 2019 |
National |  | $ | 2,915,226 |  |  | $ | 1,940,045 |
Alpha |  |  | 961,644 |  |  |  | 810,947 |
Eurobank |  |  | - |  |  |  | - |
Total |  | $ | 3,876,870 |  |  | $ | 2,750,992 |
The line of credit with National Bank of Greece is being renewed annually with current interest rates of 6.00%, 4.35% (“COSME 2”) and 4.35% (plus the 6-month Euribor plus any contributions currently in force by law on certain lines of credit), (“COSME 1”). The maximum borrowing allowed was $2,472,140 and $1,684,050 at June 30, 2020 and December 31, 2019, respectively for the 6.00% line of credit. The maximum borrowing allowed was $561,850 and $1,122,700 at June 30, 2020 and December 31, 2019, respectively, for the 4.35% lines of credit. The maximum borrowing allowed was $561,850 and $0 at June 30, 2020 and December 31, 2019, respectively for the 4.35% COSME 1 lines of credit. The outstanding balance was $2,915,226 and $1,940,045 at June 30, 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 $1,123,700 and $1,122,700 at June 30, 2020 and December 31, 2019, respectively. The outstanding balance was $961,644 and $810,947 at June 30, 2020 and December 31, 2019, respectively. Interest expense for the six months ended June 30, 2020 and 2019, was $110,420 and $125,466, 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 six months ended June 30, 2020 and 2019, the Company was in compliance with these ratios and covenants.

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