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LINES OF CREDIT

3 Months Ended

Mar. 31, 2024

NOTE 10 – LINES OF CREDIT

A summary of the Company’s lines of credit as of March 31, 2024 and December 31, 2023, is presented below:

	March 31, 2024		December 31, 2023
National	$	3,792,607	$	3,918,523
Alpha		1,099,813		1,130,140
Pancreta		1,102,135		1,122,210
EFG		431,642		459,400
Ending balance	$	6,426,197	$	6,630,273

The Company has three lines of credit with the National Bank of Greece, which are renewed annually. The three lines have interest rates of 6.00% (the "National Bank LOC"), 3.6% (the "COSME 2 Facility"), and 3.6% plus the six-month Euribor rate and any contributions currently in force by law on certain lines of credit (the "COSME 1 Facility").

The maximum borrowing allowed for the 6% line of credit was $3,210,323 and $3,290,945 as of March 31, 2024 and December 31, 2023, respectively. The outstanding balance of the facility was $2,754,750 and $2,829,828, as of March 31, 2024 and December 31, 2023, respectively.

The cumulative maximum borrowing allowed for the COSME 1 Facility and COSME 2 Facility (collectively, the "Facilities") was $1,079,100 and $1,106,200 as of March 31, 2024 and December 31, 2023, respectively. The outstanding balance of the Facilities was $1,037,857 and $1,099,255 as of March 31, 2024 and December 31, 2023, respectively.

The Company maintains a line of credit with Alpha Bank of Greece ("Alpha LOC"), which is renewed annually and has a current interest rate of 6.00%. The maximum borrowing allowed was $1,079,100 and $1,106,200 as of March 31, 2024 and December 31, 2023, respectively. The outstanding balance of the Alpha LOC was $1,099,814 and $1,130,141, as of March 31, 2024 and December 31, 2023, respectively.

The Company holds a line of credit with Pancreta Bank ("Pancreta LOC"), which is renewed annually and has a current interest rate of 4.10%. The maximum borrowing allowed as of March 31, 2024 and December 31, 2023 was $1,499,949 and $1,537,618, respectively. The outstanding balance of the Pancreta LOC as of March 31, 2024 and December 31, 2023 was $1,102,135 and $1,122,210, respectively.

The Company maintains a line of credit with EGF ("EGF LOC"), which is renewed annually and has a current interest rate of 4.49%. The maximum borrowing allowed as of March 31, 2024 and December 31, 2023 was $431,640 and $459,400, respectively. The outstanding balance of the EGF LOC as of March 31, 2024 and December 31, 2023 was $442,840 and $459,400, respectively.

Under the aforementioned line of credit agreements, the Company is required to maintain certain financial ratios and covenants. As of March 31, 2024 and December 31, 2023, the Company was in compliance with these ratios and covenants.

All lines of credit are guaranteed by customer receivable checks, which are a type of factoring in which postponed customer checks are assigned by the Company to the bank, in order to be financed at an agreed upon rate.

Interest expense on the Company’s outstanding lines of credit balances for the three months ended March 31, 2024 and 2023, was $44,568 and $19,435, respectively.