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LINES OF CREDIT | 9 Months Ended
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Sep. 30, 2025
LINES OF CREDIT |
LINES OF CREDIT | NOTE 10 – LINES OF CREDIT A summary of the Company’s lines of credit as of September 30, 2025 and December 31, 2024 is presented below:
|  | September 30, 2025 |  |  | December 31, 2024 |
National |  | $ | 4,248,981 |  |  | $ | 4,012,642 |
Alpha |  |  | 898,460 |  |  |  | 960,867 |
Pancreta |  |  | 1,130,431 |  |  |  | 1,583,291 |
Attica Bank |  |  | 837,514 |  |  |  | - |
EFG |  |  | 469,400 |  |  |  | 428,252 |
Ending balance |  | $ | 7,584,786 |  |  | $ | 6,985,052 |
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 nine-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 $5,867,000 and $5,175,000 as of September 30, 2025 and December 31, 2024, respectively. The outstanding balance of the facility was $3,341,353 and $3,165,058, as of September 30, 2025 and December 31, 2024, respectively. The cumulative maximum borrowing allowed for the COSME 1 Facility and COSME 2 Facility (collectively, the "Facilities") was $1,173,500 and $1,035,100 as of September 30, 2025 and December 31, 2024, respectively. The outstanding balance of the Facilities was $907,628 and $895,987 as of September 30, 2025 and December 31, 2024, 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 $1,173,500 and $1,035,100 as of September 30, 2025 and December 31, 2024, respectively. The outstanding balance of the Alpha LOC was $898,461 and $960,868, as of September 30, 2025 and December 31, 2024, 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 September 30, 2025 and December 31, 2024 was $1,760,250 and $1,552,650, respectively. The outstanding balance of the Pancreta LOC as of September 30, 2025 and December 31, 2024, was $1,130,431 and $1,583,291, 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% plus 3-month Euribor. The maximum borrowing allowed as of September 30, 2025 and December 31, 2024, was $469,400 and $414,040, respectively. The outstanding balance of the EGF LOC as of September 30, 2025 and December 31, 2024 was $469,400 and $428,251, respectively. On January 27, 2025, the Company entered into a bond loan agreement with Attica Bank, providing for maximum borrowings of up to €2,200,000 ($2,357,120). Under the terms of the facility, the Company received initial proceeds of €700,000 ($749,600), which were classified as Notes Payable in the Company’s consolidated financial statements. The remaining borrowing capacity of €1,500,000 ($1,619,400) is available to the Company on a revolving basis, subject to the provision of qualifying checks receivable as collateral. These subsequent drawdowns are classified as Lines of Credit due to their secured and contingent nature. The facility bears interest at a floating rate of 2.95% plus the applicable 6-month Euribor, recalculated periodically in accordance with market conditions. The loan agreement includes standard covenants and collateral arrangements customary for this type of facility. The maximum borrowing allowed as of September 30, 2025 was $1,760,250 and the outstanding balance of the Attica Bank LOC as of September 30, 2025 was $837,513. Under the aforementioned line of credit agreements, the Company is required to maintain certain financial ratios and covenants. As of September 30, 2025, and December 31, 2024, 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 and nine months ended September 30, 2025 and 2024, was $79,663 and $89,868, and $310,965 and $275,246, respectively.

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