A summary of the Company’s lines of credit during the years ended December 31, 2020 and 2019 is presented below:

	2020		2019
National	$	3,540,550	$	1,940,045
Alpha		1,106,894		810,947
National - COVID		429,240		-
Total	$	5,076,684	$	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 $2,690,600 and $1,684,050 at December 31, 2020 and December 31, 2019, respectively for the 6% line of credit. The outstanding balance was $2,411,182 and $973,961 at December 31, 2020 and 2019, respectively.

The maximum borrowing allowed was $1,223,000 and $1,122,700 at December 31, 2020 and December 31, 2019, respectively, for the 4.35% lines of credit. The outstanding balance was $1,129,368 and $966,084 at December 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 $1,223,000 and $1,122,700 at December 31, 2020 and December 31, 2019, respectively. The outstanding balance was $1,106,894 and $810,947 at December 31, 2020 and December 31, 2019, respectively.

In the year ended December 31, 2018, the Company had a line of credit with Eurobank of Greece which had an interest rate of 8.55% and a maximum borrowing allowed of $572,800. 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, 2020 and 2019, was $270,655 and $85,090, 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, 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 ($611,500) 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 $429,240 at December 31, 2020.

Interest expense for year ended December 31, 2020 was $3,910.