A summary of the Company’s lines of credit as of September 30, 2020 and December 31, 2019 is presented below:

	September 30, 2020		December 31, 2019
National	$	2,822,030	$	1,940,045
Alpha		1,002,669		810,947
National - COVID		428,740		-
Eurobank		-		-
Total	$	4,253,439	$	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 for the 6% line of credit was $2,579,060 and $1,684,050 at September 30, 2020 and December 31, 2019, respectively for the 6.00% line of credit.

The maximum borrowing allowed was $1,172,300 and $1,122,700 at September 30, 2020 and December 31, 2019, respectively, for the 4.35% lines of credit. The maximum borrowing allowed was $586,150 and $0 at September 30, 2020 and December 31, 2019, respectively for the 4.35% COSME 1 lines of credit. The outstanding balance was $2,822,030 and $1,940,045 at September 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 $1,172,300 and $1,122,700 at September 30, 2020 and December 31, 2019, respectively. The outstanding balance was $1,002,669 and $810,947 at September 30, 2020 and December 31, 2019, respectively.

Interest expense for the nine months ended September 30, 2020 and 2019, was $141,979 and $85,394, 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 nine months ended September 30, 2020 and 2019, the Company was in compliance with these ratios and covenants.

COVID-19 Government Funding

On June 23, 2020, the Company’s subsidiary Cosmofarm M.S. entered into an agreement with the “National Bank of Greece SA” (the “Bank”) to borrow a maximum of €500,000 ($561,850) under a proposed plan which will operate the same as the line of credit above. The proposed plan 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 initial proceeds were paid in 3 equal monthly installments. 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) on August 11, 2020. The line of credit is interest bearing from the date of receipt and is payable every three (3) months at an interest rate of 2.7%. The outstanding balance was $428,740 and $0 at September 30, 2020 and December 31, 2019, respectively.

Interest expense for the nine months ended September 30, 2020 was $0.