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Bank Loans (Tables) | 6 Months Ended
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Jun. 30, 2023
Bank Loans [Abstract] |
Schedule of Bank Loans | Bank loans as of June 30, 2023 and December 31, 2022 are summarized as follows:
|  | June 30, 2023 |  |  | December 31, 2022 |
Bank loans |  | € | 440,170 |  |  | € | 556,386 |
Lines of credit |  |  | 3,404,561 |  |  |  | 7,778,145 |
|  |  | 3,844,731 |  |  |  | 8,334,531 |
less: current portion |  |  | (3,636,961 | ) |  |  | (8,010,239 | )
|  | € | 207,770 |  |  | € | 324,292 |
Schedule of Terms and Conditions of Outstanding Bank Loans | The terms and conditions of outstanding bank loans are as follows:
|  |  |  | Nominal |  |  |  |  |  | June 30, 2023 |  |  | December 31, 2022 |
Bank Loans |  | Currency |  | interest rate |  |  | Year of maturity |  |  | Face Value |  |  | Carrying Amount |  |  | Face Value |  |  | Carrying Amount |
Bankia SA |  | EUR |  |  | 1.50 | % |  | 2025 |  |  |  | 400,000 |  |  |  | 186,560 |  |  |  | 400,000 |  |  |  | 236,243 |
Targobank SA |  | EUR |  |  | 1.87 | % |  | 2025 |  |  |  | 100,000 |  |  |  | 50,874 |  |  |  | 100,000 |  |  |  | 63,317 |
Banco de Sabadell SA |  | EUR |  |  | 1.50 | % |  | 2025 |  |  |  | 250,000 |  |  |  | 116,446 |  |  |  | 250,000 |  |  |  | 149,366 |
Liberbank |  | EUR |  |  | 1.55 | % |  | 2025 |  |  |  | 170,000 |  |  |  | 86,291 |  |  |  | 170,000 |  |  |  | 107,460 |
|  |  |  |  |  |  |  |  |  |  | € | 920,000 |  |  | € | 440,170 |  |  | € | 920,000 |  |  | € | 556,386 |
Schedule of Principal Repayments to Maturity by Fiscal Year | Principal repayments to maturity by fiscal year are as follows:
Year ended December 31, |  |  |
2023 (excluding the six months ended June 30, 2023) |  | € | 114,157 |
2024 |  |  | 233,926 |
2025 |  |  | 92,087 |
Thereafter |  |  | - |
Total |  | € | 440,170 |
Schedule of Company Maintains the Following Lines of Credit | the Company maintains the following lines of credit
|  |  |  |  |  |  |  |  | June 30, 2023 |
Line of credit |  | Credit Limit |  |  | Nominal interest rate |  | Maturity |  | Carrying Value |
Caixabank |  | € | 2,500,000 |  |  | 2.00% + Euribor |  | 3/25/2024 |  | € | 1,307,300 |
Sabadell |  |  | 1,700,000 |  |  | 2.75% + Euribor |  | 2/28/2024 |  |  | 332,514 |
BBVA |  |  | 1,500,000 |  |  | 1.90% + Euribor |  | 12/22/2023 |  |  | 1,331,874 |
BBVA |  |  | 1,500,000 |  |  | 1.90% + Euribor |  | 03/01/2024 |  |  |  |
Santander |  |  | 2,000,000 |  |  | 2.25% + Euribor |  | 2/28/2024 |  |  | 432,872 |
Abanca ICO |  |  | 150,000 |  |  | 1.40% + Euribor |  | 10/31/2023 |  |  | - |
Abanca |  |  | 700,000 |  |  | 2.00% + Euribor |  | 11/30/2024 |  |  | - |
Bankinter ICO |  |  | 500,000 |  |  | 1.40% + Euribor |  | 6/21/2024 |  |  | - |
Bankinter |  |  | 500,000 |  |  | 1.5% + Euribor |  | 6/6/2024 |  |  | - |
|  | € | 11,050,000 |  |  |  |  |  |  | € | 3,404,561 |
|  |  |  |  |  |  |  |  | December 31, 2022 |
Line of credit |  | Credit Limit |  |  | Nominal interest rate |  | Maturity |  | Carrying Value |
Caixabank |  | € | 2,500,000 |  |  | 2.00% + Euribor |  | 3/25/2023 |  | € | 2,108,807 |
Sabadell |  |  | 1,700,000 |  |  | 2.75% + Euribor |  | 2/28/2023 |  |  | 1,623,953 |
BBVA |  |  | 650,000 |  |  | 1.90% + Euribor |  | 12/22/2023 |  |  | 381,000 |
BBVA |  |  | 650,000 |  |  | 1.90% + Euribor |  | 12/22/2023 |  |  | 628,951 |
Santander |  |  | 2,000,000 |  |  | 2.25% + Euribor |  | 2/28/2023 |  |  | 1,928,786 |
Abanca ICO |  |  | 150,000 |  |  | 1.40% + Euribor |  | 10/31/2023 |  |  | 150,000 |
Abanca |  |  | 700,000 |  |  | 2.00% + Euribor |  | 11/30/2024 |  |  | 319,103 |
Bankinter ICO |  |  | 500,000 |  |  | 1.40% + Euribor |  | 6/21/2023 |  |  | 485,830 |
Bankinter |  |  | 500,000 |  |  | 1.50% + Euribor |  | 6/6/2023 |  |  | 151,715 |
|  | € | 9,350,000 |  |  |  |  |  |  | € | 7,778,145 |

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