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LINES OF CREDIT | 12 Months Ended
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Dec. 31, 2022
LINES OF CREDIT |
LINES OF CREDIT | NOTE 10 – LINES OF CREDIT A summary of the Company’s lines of credit as of December 31, 2022, and 2021 is presented below:
|  | December 31, 2022 |  |  | December 31, 2021 |
National |  | $ | 3,103,605 |  |  | $ | 3,265,236 |
Alpha |  |  | 991,492 |  |  |  | 947,333 |
Pancreta |  |  | 1,232,128 |  |  |  | 489,985 |
EFG |  |  | 431,512 |  |  |  | - |
Ending balance |  | $ | 5,758,737 |  |  | $ | 4,702,554 |
The line of credit with National Bank of Greece is renewed annually with current interest rates of 6.00%, 4.35% (“COSME 2” facility) and 4.35% (plus the 6-month Euribor plus any contributions currently in force by law on certain lines of credit), (“COSME 1” facility). The maximum borrowing allowed for the 6% line of credit was $3,182,655 and $2,489,960 as of December 31, 2022 and 2021, respectively. The outstanding balance of the facility was $2,118,952 and $2,185,413, as of December 31, 2022 and 2021, respectively. The maximum borrowing allowed for the 4.35% lines of credit, was $1,069,800 and $1,131,800 as of December 31, 2022 and 2021, respectively. The outstanding balance of the facilities was $984,653 and $1,079,823 as of December 31, 2022 and 2021, 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 $1,069,800 and $1,131,800 as of December 31, 2022 and 2021, respectively. The outstanding balance of the facility was $991,429 and $947,333, as of December 31, 2022 and 2021, respectively. The Company entered into a line of credit with Pancreta Bank on February 23, 2021. The line of credit is renewed annually with a current interest rate of 6.10%. The maximum borrowing allowed as of December 31, 2022 and 2021was $1,487,022 and $565,900, respectively. The outstanding balance of the facility as of December 31, 2022 and 2021, was $1,232,128 and $489,985, respectively. The Company entered into a line of credit with EGF on June 6, 2022. The line of credit is renewed annually with a current interest rate of 4.49%. The maximum borrowing allowed as of December 31, 2022 was $427,920. The outstanding balance of the facility as of December 31, 2022 was $431,512. 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. As of December 31, 2022 and 2021, the Company was in compliance with these ratios and covenants. The above lines of credit are guaranteed and backed by customer receivable checks and they are not considered to be a direct debt obligation for the Company. They are a type of factoring, where the postponed customer checks are assigned by the Company to the bank, in order to be financed at a pre-agreed rate. Interest expense for the years ended December 31, 2022 and 2021, was $294,156 and $283,415, respectively.

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