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Bank Loans | 6 Months Ended
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Jun. 30, 2023
Bank Loans [Abstract] |
BANK LOANS | NOTE 11 – 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 |
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 |
During the six months ended June 30, 2023 and 2022, the Company incurred bank loan interest expense of €4,132 and €5,215, respectively. The Company’s obligations are secured by substantially all of the assets of the Company. 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 |
In addition, the Company maintains the following lines of credit: As of June 30, 2023
|  |  |  |  |  |  |  |  | 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 |
As of December 31, 2022
|  |  |  |  |  |  |  |  | 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 |
The Company has €3.4 million facility that is unsecured and can be drawn down to meet short-term financing needs. The facility has a maturity of one to three years for the ICO credit lines that renews automatically at the option of the Company. Interest is payable at an average rate of Euribor plus 2.11 basis points. During the six months ended June 30, 2023 and 2022, the Company incurred interest expense from line of credit of €133,977 and €61,357, respectively.

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