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SUBSEQUENT EVENTS | 6 Months Ended
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Jun. 30, 2020
SUBSEQUENT EVENTS |
NOTE 16 - SUBSEQUENT EVENTS | July 3, 2020 Senior Promissory Note On July 3, 2020, the Company executed a Senior Promissory Note (the “July 3 Note”) in the principal amount of $5,000,000 payable to an unaffiliated third-party lender. The July 3 Note bears interest at the rate of eighteen (18%) percent per annum, paid quarterly in arrears. The July 3 Note matures on June 30, 2022 unless in default. The July 3 Note is subject to acceleration in an Event of Default (as defined). Grigorios Siokas, the Company’s CEO, personally guaranteed repayment of the July 3 Note. The guaranty is unconditional and irrevocable and constitutes a guaranty of performance and of payment when due, and not just of collection. The Company used the proceeds from the July 3 Note to repay the principal outstanding on the May 5 Note ($2,000,000), the May 8 Note ($2,000,000), and the February Note ($1,000,000) (See Note 11). Allonges On July 24, 2020, the Company entered into an allonge on to extend the maturity date on the July 24, 2019 Senior Promissory Note (See Note 11) to July 24, 2021. In addition, pursuant to the allonge, the Note was also amended to allow prepayment of the note at any time without penalty. All other terms remained the same. On August 1, 2020, the Company entered into an allonge on to extend the maturity date on the August 1, 2019 Senior Promissory Note (See Note 11) to August 1, 2021. In addition, pursuant to the allonge, the Note was also amended to allow prepayment of the note at any time without penalty. All other terms remained the same. COVID-19 Government Loan On June 23, 2020, the Company’s subsidiary Cosmofarm M.S. was granted a loan by the “National Bank of Greece SA” (the “Bank”) in the amount of €500,000 ($561,850). The loan has a maturity date of sixty (60) months from the date of the first disbursement, which includes a grace period of nine months. The total amount of the loan must have been disbursed within six (6) months from the signed date of the contract and it will be repaid in 3 equal monthly installments starting twelve (12) months from the first disbursement. The Company received the first disbursement of €390,790 ($483,243) on July 10, 2020, the second disbursement in the amount of €42,385 ($48,639) was received on July 28, 2020 and the final disbursement of €66,825 ($75,091) has not been received as of the date of the filing. The loan is interest bearing from the date of receipt and is payable every three (3) months at an interest rate of 2.7%.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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